A significant outcome of the two sessions was that Chinese lawmakers approved the 13th Five-Year Plan, a blueprint for China’s economic and social development from 2016 to 2020.
CCTV’s Wang Guan reports.
China just passed it's 13th Five-Year Plan. Here's what that meansA significant outcome of the two sessions was that Chinese lawmakers approved the 13th Five-Year Plan, a blueprint for China's economic and social development from 2016 to 2020.
Beijing wants to maintain a growth rate above 6.5 percent for the next five years. That would increase the GDP per capita from more than $8,000 a year now to around 10,000 by 2020.
On social policy, Beijing says in the next five years it wants basic health insurance to go from 95 percent to universal health care.
As for infrastructure, China will expand its high-speed rail system from around 20,000 kilometers to around 30,000 in 2020.
Personal income tax and real estate tax are also expected to lowered, though the numbers are still unspecified.
On the monetary side, Beijing says it will be prudent, but exercise more flexibility.
These policies will help China cope with some serious challenges such as excess industrial capacity.
So this year, Beijing might step up efforts to restructure or phase out some of those so called “zombie” state-owned firms.
CCTV Global Economics Analysts Saruhan Hatipoglu and Jin Keyu on policies, Belt and Road Initiative
CCTV America’s Rachelle Akuffo interviewed CCTV Global Economics Analyst and BERI Consulting CEO Saruhan Hatipoglu about the policies from the two sessions and China’s second child policy, and also CCTV Global Economics Analyst Jin Keyu about the Belt and Road initiative.