China ignores growth target and sets priority for 2020
Beijing, May 23 (Prensa Latina) China said on Friday that it will keep prioritizing the programs aimed at creating more Jobs, eradicating poverty and maintaining social stability, without setting an economic growth target for 2020.
Prime Minister Li Keqiang noted at the plenary of the 13th Legislature of the People's National Assembly (Parliament) that the Government will focus on building a modestly prosperous society as planned for this year.
With that goal, China plans to create more than nine million urban jobs, expand investments and infrastructure, boost the digital economy and improve living conditions in all poor counties (regions).
Due to the severe impact caused by the Covid-19 outbreak, China will make emphasis on recovering domestic consumption, introducing policies to improve operations in the private sector, guaranteeing equitable access to the means of production and eliminating obsolete regulations that establish differences among companies.
Deadlines will be set for Government institutions to deliver overdue payments to small and medium enterprises, the corporate burden will be reduced by nearly 353 billion dollars and there will be more financial support for the entrepreneurial sector.
According to Li, the proactive fiscal policy will be intensified and a prudent monetary policy will be enforced in a more flexible and appropriate manner, with a stable exchange rate of the national currency (yuan) at an adaptable and balanced level.
The fiscal deficit will increase to more than 3.6% or 0.8 points more than in 2019, to turn to investment and consumption, being the latter one of the main engines of national development.
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