Premier Li Keqiang delivered the Government Work Report at the opening of the first session of the 14th National People’s Congress in Beijing on Sunday.

Here are some highlights from the report.

Main targets for 2023

  • China sets its GDP growth target for 2023 at around 5 percent
  • China targets inflation rate, or increase in consumer price index (CPI), of around 3 percent for 2023
  • China’s deficit-to-GDP ratio is projected at 3 percent for 2023
  • China aims to create around 12 million urban jobs in 2023 and targets a surveyed urban unemployment rate of around 5.5 percent
  • China aims to keep its grain output over 650 million metric tons in 2023

Fiscal, monetary policy for 2023

  • China to implement prudent monetary policy in a targeted way
  • China to enhance intensity, effectiveness of proactive fiscal policy
  • China to keep RMB exchange rate generally stable at adaptive, balanced level
  • China to intensify efforts to attract, utilize foreign investment
  • China to encourage, support private sector
  • China to effectively prevent, defuse major economic, financial risks

Social policy for 2023

  • China’s COVID-19 response will be more well-conceived, more targeted and more effective in 2023
  • China to keep personal income growth in step with economic growth
  • China expects continuous progress in housing, medical care
  • China to stabilize grain output, boost rural revitalization
  • China to continue transition to green development
  • China to expand domestic demand

Policy on HK, Macao & Taiwan

  • China to resolutely oppose “Taiwan independence,” advance peaceful reunification
  • Chinese central government to maintain lasting prosperity, stability in HK, Macao

Diplomacy for 2023

  • China to work with international community to put into action Global Development Initiative, Global Security Initiative

Military policy for 2023

  • Chinese military to carry out military operations, boost combat preparedness, enhance military capabilities