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Ministers roll out key economic measures2018-3-14 8:30:30(Beijing Time) Lange Steel

After the 2018 Government Work Report was delivered to the first session of the 13th National People's Congress, ministries elaborated on key points related to China's economy at news conferences on the sidelines of the annual session of the NPC.

Let's take a look at 7 highlights.

NDRC: China capable of meeting 6.5 percent annual growth target this year

China is confident it will meet its 6.5 percent annual growth target this year, with more efforts to implement supply-side reforms and further promote economic opening up.

Ministry of Finance: tax cuts to benefit individuals and enterprises in 2018
In 2018, China will continue to carry out policies of slashing taxes and fees, and the total amount of taxes and fees cut to benefit individuals and enterprises is estimated to reach 1.1 trillion yuan ($173.83 billion). China will raise the personal income tax threshold to be consistent with consumer price and the drafting of a reasonable and appropriate national taxation system on property ownership is in full swing.

Ministry of Agriculture: China will see a promising and lucrative agricultural industry

Farming will become an attractive and demanding profession, while rural areas will become beautiful and prosperous, as the country steps up its efforts to revitalize its vast rural regions.

PBOC: Leverage levels stabilizing, gradually falling

China's leverage levels are stabilizing and gradually falling. Under the new financial regulatory framework, China is already dealing with already surfacing risks in financial and quasi-financial institutions to maintain the health of the financial system. The central bank will play a more important role in the country's new regulatory framework.

Ministry of Science and Technology: plan to boost AI research soon to be published

China will strengthen the use of artificial intelligence to solve security, health, environment and other key public issues and plans to soon publish a guideline and detailed regulations on AI development and breakthroughs in critical technologies.

SASAC: Central SOEs' debt level stable

China's central State-owned enterprises have reported a stable level of debt over the past year, while the government's main task this year still will be to reduce corporate leverage, lower debt ratio and ward off risks.

Ministry of Commerce: China doesn't want trade war with US

China has no intention to start a trade war with the United States and will not initiate one, but the country can cope with any challenge and will defend the interests of the country and the people.

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