CHINA will work to ensure achieving the development goals of winning the battle against poverty and completing the building of a moderately prosperous society in all respects this year, though setting no specific economic growth target for 2020, according to a government work report submitted to the national legislature for deliberation Friday.

The decision of dropping a specific growth target was made because the country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the COVID-19 pandemic and the world economic and trade environment, Premier Li Keqiang said when delivering the report at the opening meeting of the third session of the 13th National People’s Congress.

“Not setting a specific target for economic growth will enable all of us to concentrate on ensuring stability on the six fronts and security in the six areas,” Li said.

“We must focus on maintaining security in the six areas in order to ensure stability on the six fronts. By doing so, we will be able to keep the fundamentals of the economy stable,” he said. “Maintaining security will deliver the stability needed to pursue progress, thus laying a solid foundation for accomplishing our goal of building a moderately prosperous society in all respects.”

The six fronts refer to employment, the financial sector, foreign trade, foreign investment, domestic investment and expectations. The six areas refer to job security, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments.

China will give priority to stabilizing employment and ensuring living standards, with the report unveiling detailed targets, policies, and measures.

China aims to add over 9 million new urban jobs in 2020 and keep the surveyed urban unemployment rate at around 6 percent.

The country will ensure the elimination of poverty among all rural residents living below the current poverty line and in all poor counties.

China plans to set its fiscal deficit above 3.6 percent of GDP, resulting in a deficit rise of 1 trillion yuan (US$ 141 billion) from last year. It will also issue 1 trillion yuan of government bonds for COVID-19 control.

The country will further cut taxes and fees for firms with an aim of reducing corporate burden by over 2.5 trillion yuan, while stepping up financial support for stable business operations.

China will further stabilize foreign trade and actively leverage the role of foreign capital, according to the work report.

China will significantly shorten its negative list for foreign investment, while a negative list will also be drawn up for cross-border trade in services, said the report.

New pilot free trade zones and integrated bonded areas will be established in the country’s central and western regions, the report said.

China will focus on quality in the joint pursuit of the Belt and Road Initiative, firmly safeguard the multilateral trading regime and actively participate in the reform of the World Trade Organization, said the report.

“At present and for some time to come, China will face risks and challenges like never before,” Li said. “However, we have unique political and institutional strengths, a strong economic foundation, enormous market potential, and hundreds of millions of intelligent and hardworking people.”

(Xinhua)