Explainer: A break down of 2019 Government Work Report

The 13th National People's Congress, China's national legislature, opened its second session at the Great Hall of the People in Beijing on March 5. During the session, Chinese Premier Li Keqiang delivered the government's work report on behalf of the State Council. The report summarized China’s achievements in 2018 and outlined the country's development direction for 2019.

Here are some of the key points:

China's GDP grew by 6.6 percent, exceeding 90 trillion yuan in 2018. The country set its GDP growth target for this year at between 6 and 6.5 percent, as China pursues higher-quality development amid growing uncertainties in the international economic landscape.

The country also aims to create over 11 million new urban jobs with a surveyed urban unemployment rate of around 5.5 percent. Meanwhile, China plans to reduce its rural poverty population by over 10 million.

There's good news for businesses, as large-scale tax cuts will be implemented. China will reduce the tax burdens and social insurance contributions of enterprises by nearly 2 trillion yuan in 2019. And the current VAT rate of 16 percent in manufacturing and other industries will be reduced down to 13 percent.

To the delight of internet users, China will further cut the rates of broadband and mobile internet services, as the nation pushes to nurture innovation and speed up the growth of emerging industries.

China will expand effective investment as appropriate. For instance, 800 billion yuan will be invested in railway construction. And 1.8 trillion yuan will be invested in road construction and waterway projects.

In pursuit of both high-quality development and environmental protection, China plans to reduce sulfur dioxide and nitrogen oxide emissions by 3 percent in 2019, while making continuous efforts to decrease the density of PM 2.5, a major particle pollutant, in key locations.

In an effort to promote all-round opening up, more steps will be taken by China, such as shortening the negative list for foreign investment and expanding the China (Shanghai) Pilot Free Trade Zone.

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