Based on the above considerations, we have set the following projected targets for development this year:
- GDP growth of around 6.5 percent
- CPI increase of around 3 percent
- Over 11 million new urban jobs, the surveyed urban unemployment rate within 5.5 percent, and the registered urban jobless rate within 4.5 percent
- Basic parity in personal income growth and economic growth
- A steady rise in import and export volumes, and a basic equilibrium in the balance of payments
- A drop of at least 3 percent in energy consumption per unit of GDP, and continued reductions in the release of major pollutants
- Substantive progress in supply-side structural reform, basically stable macro leverage, and systematic and effective prevention and control of risk
The above targets take into consideration the need to secure a decisive victory in building a moderately prosperous society in all respects, and are fitting given the fact that China's economy is transitioning from a phase of rapid growth to a stage of high-quality development. Given our economic fundamentals and capacity for job creation, GDP growth of around 6.5 percent will enable us to achieve relatively full employment. The surveyed urban unemployment rate covers rural migrant workers and other permanent urban residents. This year, for the first time we are using this indicator as a projected target; this is intended to give a fuller picture of employment and to better reflect the requirement that development that is to be shared by everyone.
This year, we will continue to develop new ways of improving macro regulation and ensure that the degree of macro regulation is right. We will maintain the continuity and consistency of macro policies, and better coordinate fiscal, monetary, industrial, regional, and other policies.
The proactive direction of our fiscal policy will remain the same, and we will concentrate efforts to increase efficiency. This year's deficit as a percentage of GDP is projected to be 2.6 percent, 0.4 percentage point lower than last year. The government deficit is projected to be 2.38 trillion yuan, with a central government deficit of 1.55 trillion yuan and local government deficit of 0.83 trillion yuan. The reduction in the deficit-to-GDP ratio is mainly due to China's economic growth being steady and the foundation being there
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