Chinese PM on growth plans for 2018

Chinese Prime Minister Li Keqiang announced that the Chinese economy will continue to grow at about 6.5 percent in 2018. And announced the further opening of the market, reducing the burden of business and reducing overcapacity in some sectors.

The head of government presented the goals for the current year and a report on the work of the cabinet of ministers over the past five years, speaking in the Great Hall, where nearly 3,000 delegates gathered for the opening of the annual session of the General Assembly of People's Representatives (OZPL), that is, the parliament of the People's Republic of China.

Li stressed the need to strengthen the leadership of the ruling Chinese Communist Party (CCP) in all aspects. The prime minister noted that the Chinese economy is stable, despite the "anemic recovery" in the world, volatility in financial markets and an increase in protectionist trends. He noted, however, that the structural problems of the Chinese economy had become "more severe," and because of this, the authorities in Beijing had "many dilemmas."

In 2013-2017, China's GDP grew from 54 trillion yuan ($ 8.5 trillion) to 82.7 trillion yuan ($ 13.03 trillion), representing an annual growth rate of 7.1%, Li said. ... He added that China's share in the global economy has increased from 11.4 percent to 15 percent during this time. Over the past five years, 68 million Chinese have fallen into poverty, and 8.3 million have been displaced from uninhabitable areas, the prime minister said.

The prime minister noted that China is "still in the early stages of socialism" and will be in it "for a long time." He confirmed that the "three critical battles" fought by the Chinese authorities include limiting financial risks, tackling environmental pollution and reducing poverty. He announced serious action against financial crime and assessed that "financial risks are manageable" at this time.

“In 2018, China will reduce excess steel production capacity by 30 million tonnes and coal production by 150 million tonnes, as well as closing small coal-fired power plants that do not meet environmental standards,” the prime minister said. China will cut sulfur dioxide and nitrous oxide emissions by another 3 percent this year to consistently reduce PM2.5 in key areas. These goals are the same as in the previous year, when they were overwhelmed.

Lee also mentioned the need to reform the government structure and fight corruption. “In some sectors, errors and corruption are still a common problem,” he said. “All aspects of government work will be improved,” he said and said.