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SEPTEMBER 6th, 2013
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because Chi??na "will face some factors that are difficult to pred??ict in its development due to the great uncertainty r??egarding the COVID-19 pandemic and the world economic?? and trade environment." The premier praised the Ch??inese people for building a "Great Wall of solidarity?? against the epidemic" but said the country's "succes??s has come at a great price." The economy contracted ??6.8 percent in the first quarter of 2020 from a year ??earlier. "The country posted negative growth in the ??first quarter of this year and daily life and work ha??ve been greatly affected. However, life is invaluable??. This is a price we must pay and a price worth payin??g." He added that fiscal policy will be more proacti??ve and monetary policy more flexible this year. Chin??a-U.S. trade Li said China remained committed to op??ening its doors to the outside world in a complex int??ernational environment and would continue to work wit??h the United States to implement the first phase of t??he economic and trade agreement between the two count??ries. Th1


e premier added that efforts to complete the?? Regional Comprehensive Economic Partnership would co??ntinue and free trade negotiations with Japan, South ??Korea and other countries would be advanced. He also?? said the negative list for foreign investment will b??e "significantly shortened" and some new measures wou??ld be implemented to help ease and raise capacity of ??international trade. Hong Kong and national security?? Li confirmed "sound legal systems and enforcement m??echanisms for safeguarding national security" would b??e established in the Hong Kong and Macao special admi??nistrative regions and stressed that the "One Country??, Two Systems" policy would be "fully and faithfully"?? implemented. A draft decision on establishing and i??mproving the legal system and enforcement mechanisms ??for HKSAR has been submitted to China's national legi??slature for deliberation. The premier added that the?? government will "resolutely oppose and deter any sep??aratist activities seeking 'Taiwan independence9


'," an??d pledged to continue to take measures to encourage c??ross-Straits exchanges and cooperation. He said com??patriots in Taiwan would be encouraged to "join us in?? opposing 'Taiwan independence' and promoting China's?? reunification." Business and job support Li empha??sized the government would do its utmost to support e??nterprises, stressing that micro, small and medium bu??sinesses were in particular need of support in the co??ntext of the pandemic. The premier announced that ex??emptions introduced earlier this year to help busines??ses through the pandemic, due to expire by June, woul??d be extended to the end of 2020 and said further cut??s to taxes and fees of around 500 billion yuan (70.2 ??billion U.S. dollars) would be made. Corporate incom??e tax payments by micro and small businesses will als??o be postponed until 2021, as p0


art of a series of mea??sures Li said would result in savings of 2.5 trillion?? yuan for enterprises this year. Loan payments for mi??cro, small and medium businesses will be postponed un??til March and banks will be encouraged to issue new l??oans to such firms. Li also stressed that regulation??s should be tightened to "prevent funds circulating i??n the financial sector for the sake of arbitrage." T??rillions in bonds Li announced a consumer price inde??x target of 3.5 percent for 2020 and a deficit target?? of 3.6 percent of GDP, up from 2.8 percent last year??, suggesting room to maneuver in the pursuit of stren??gthened economic growth. He said the deficit would i??ncrease by one trillion yuan on 2019 and a further on??e trillion yuan in government bonds would be issued t??o fund COVID-19 control measures. The two trillioR



n y??uan will be transferred directly to local governments?? and used to support jobs, businesses and basic livin??g requirements, including "giving support to cut taxe??s and fees, reduce rents and interest on loans, and i??ncrease consumption and investment." An urban unemplo??yment rate target of around six percent has been set ??for 2020. The premier also warned that governments a??t all levels needed to tighten their belt1


s and commit??ted the central government to negative growth in budg??etary spending this year. Li said that as well as co??ntinuing to promote consumption, the main driver for ??economic growth in 2019, 3.75 trillion yuan of specia??l local government bonds would be issued with priorit??y given to new infrastructure and new urbanization pr??ojects. He added that investment would be focused on?? three areas: New infrastructure, including expanded ??5G application and wider use of new energy vehicles; ??renovation of N



39,000 old urban residential communitie??s; and develS


pment of major transportation and water ??conservancy2



projects. Military spending is set to ri??se by 6.6 percent in 2020, separately issued budget f??igures suggested, the lowest defense budget growth ra??te in recent years. 'Immense tasks' ahead Li thank??ed people from all walks of life for their support in?? the fight against COVID-19, highlighting the roles o??f medical workers, scientists, community workers, off??icials, police officers, deliverymen and women, media?? personnel and volunteers. He outlined the containme??nt measures adopted by China, including treating COVI??D-19 as a Class A infectious disease and activating a?? Level One public health emergency response in all lo??calities, but warned the pandemic has not yet come to?? an end and the country faces immense tasks in promot??ing development. The premier set out measures to im??prove the public health system, including the reform ??of the system for disease prevention and control, imp??rovement of mechanisms for direct reporting and early?? warning of infectious diseases. He also committed t??o increasing funding for research and development of ??vaccines, medicines k


and rapid testing technologies. ??China remains committed to fulfilling targets to buil??d a moderately prosperous society in all respects des??pite the fallout from the COVID-19 pandemic, Li reite??rated.BEIJING, Jan. 13 -- President Xi Jinping on Monday e??xtended his Spring Festival greetings to military v??eterans and retired officers. Chinese President Xi?? Jinping, also general secretary of the Communist P??arty of China Central Committee and chairman of the?? Central Military Commission (CMC), extends his Spr??ing Festival greetings to military veterans and ret??ired officers when attending a gala held by the CMC?? for retired military officers of Beijing-based tro??ops in Beijing, capital of t












that "for some time to come, ??China will face challenges like never beP fore." In a ??session which began with attendees observing a moment?? ofV silence in memory of those who have lost their li??ves in the pandemic, the pre1 mier committed to global ??cooperation in the face of COVID-19, said new measurev ??s would be put in place to safeguard national securit??y in Hong Kong and Macau o special administrative regio??ns, and work to implement the phase one China-U.4
    S. tr??ade deav
    l would continue. "Lets
    us meet our challenges?? head-on, move determinu edly forward in the fight agai??nst COVIq D-19 and in pursuit of economic and sociL al de??velopment," Li said, "and strive 4 to fulfill the main ??targets and tasks N for this year." No growth targets ?? Li k