Contrarian highlights from China’s Government Work Report 2015

Saturday 7th March 2015 16:30 HKT

 

Below are the less glamourous highlights not being washed through mainstream media, yet it’s these changes that will have more of an impact on people’s livelihoods. Hence these are the trends in China’s real economy to look out for, and will influence anyone doing business in China or picking China stocks over the following years.

 

The main economic themes running through the report are:

1. China is still a developing country, where rural residents will care more about improvements in their water supply, than whether GDP is at 7.0 or 7.2.

2. China’s economy is yet again undergoing a period of transition, pivoting away from high energy consumption high speed growth, to more sustainable consumption driven growth.

3. Policies to support the service sector, technology industries, sustainable energy and public services are mentioned throughout the report, and will be the next drivers of growth.
N.B. Only those points which contain data, show clear policy or tie in with China’s economic trends and reform are included. Political prose and vague unrealistic points are not, unless it highlights a key impact of politics on the economy. Original copies of the report (79 pages) can be viewed here in English and Chinese.

 

 

I. A Review of the Work in 2014

  •  Employment remained robust, with 13.22 million new urban jobs created, which is higher than the figure for the previous year. 
  • Grain output reached 605 million metric tons.
  • The contribution of consumption toward economic growth rose by three percentage points to 51.2%.
  •  
  • The value added of the service sector increased from 46.9% to 48.2% of the GDP.
  •  
  • The central and western regions grew faster in economic terms than the eastern region.
  •  
  • Research and development spending accounted for more than 2% of the GDP.
  •  
  • Energy intensity was cut by 4.8%, the biggest reduction made in recent years.
  •  
  • Per capita disposable personal income increased by 8% in real terms nationwide, growing faster than the economy.
  •  
  • Per capita disposable income of rural residents grew by 9.2%, outpacing that of those living in urban areas.
  •  
  • In rural areas, the number of people living in poverty was reduced by 12.32 million.
  •  
  • Over 66 million more people gained access to safe drinking water.
  •  
  • The number of outbound trips made by Chinese tourists exceeded 100 million.
  •  
  • Goal of the current administration to cut the number of items that require government review by one third was achieved ahead of schedule.
  •  
  • We increased targeted tax reductions, reduced fees across the board, extended the coverage of tax relief policies to benefit more small and micro businesses, and expanded the trials to replace business tax with VAT to cover more industries.
  •  
  • We sped up the process of making budgetary funds available for fiscal expenditures and put surplus budgetary funds to good use.
  •  
  • Increases in loans made to small and micro businesses, and loans for agriculture, rural areas, and farmers, outdid the average increase in loans overall by 4.2 and 0.7 percentage points respectively.
  •  
  • The floating ranges of interest rates on deposits and exchange rates were expanded.
  •  
  • New steps were taken in the trials to establish private banks.
  •  
  • The scope for using foreign exchange reserves and insurance funds was broadened.
  •  
  • Price reforms in energy, transport, environmental protection, and communications were accelerated
  •  
  • We launched reforms to the system for managing research and development funding, the school examination and enrollment systems, the household registration system.
  •  
  • Over the course of the year, departments under the State Council cancelled the requirement of or delegated the power for review on 246 items.
  •  
  • The number of newly registered market entities reached 12.93 million, with that of enterprises increasing by 45.9%, creating a fresh surge of entrepreneurial activity.
  •  
  • While economic growth slowed down, more jobs were created, which fully demonstrates both the tremendous power of reform and the endless potential of the market.
  •  
  • We expanded the China (Shanghai) Pilot Free Trade Zone and established similar zones in Guangdong, Tianjin, and Fujian.
  •  
  • Foreign direct investment actually made in China reached $119.6 billion, making the country the world’s top destination for foreign direct investment.
  •  
  • China’s outward foreign direct investment reached $102.9 billion, meaning that outward investment has come to draw even with inward investment.
  •  
  • Grain output increased for the 11th consecutive year, and the income of rural residents grew faster than that of urban residents for the fifth year running.
  •  
  • Farmland under water-saving irrigation was increased by 2.23 million hectares.
  •  
  • An additional 230,000 kilometers of roads were built or upgraded in rural areas.
  •  
  • Development of strategic emerging industries, including the mobile Internet industry, the integrated circuits industry, high-end equipment manufacturing, and the new-energy vehicles industry.
  •  
  • Internet-based finance rose swiftly to prominence. E-commerce, logistics, express delivery services and other emerging businesses developed rapidly.
  •  
  • Fifteen key industries including steel and cement achieved their task for the year of shutting down outdated production facilities as scheduled.
  •  
  • An additional 8,427 kilometers of railway lines were put into operation. The length of high-speed railways that are up and running in China reached 16,000 kilometers, accounting for more than 60% of the world’s total.
  •  
  • The length of the country’s expressways open to traffic grew to total 112,000 kilometers.
  •  
  • Waterways, civil aviation, and pipelines were all further developed. Steady progress was made in upgrading rural power grids.
  •  
  • The number of broadband Internet users exceeded 780 million.
  •  
  • The South-to-North Water Diversion Project was officially put into operation, benefiting millions of people along the route.
  •  
  • Expanded the scope of trial policies from the Zhongguancun National Innovation Demonstration Zone, and ensured that scientific and technological resources were openly shared.
  •  
  • Breakthroughs have been made in major research projects such as supercomputing, the lunar exploration program, and satellite applications.
  •  
  • A regional jet developed and produced in China has been successfully put into service.
  •  
  • More than 70% of last year’s government budget was spent on ensuring standards of living.
  •  
  • Initiated the scheme to help college students and graduates to start businesses, ensuring a steady increase in the employment of college graduates.
  •  
  • We unified the basic pension systems for rural residents and non-working urban residents and increased basic pension benefits for enterprise retirees by a further 10%.
  •  
  • Construction began on 7.4 million government-subsidized housing units, and 5.11 million such units were basically completed.
  •  
  • We established a nationwide temporary-assistance system, increased subsistence allowances by 9.97% for urban residents and 14.1% for rural residents, and increased subsidies and living allowances by more than 20% for disabled military personnel, families of revolutionary martyrs, and old-age veterans.
  •  
  • The scheme to subsidize the waiving of tuition fees at schools providing secondary vocational education was extended to cover three years of study.
  •  
  • Policies have been introduced to ensure that children can receive compulsory education at schools close to where they live without having to take entrance exams.
  •  
  • 28 provincial-level administrative areas began to allow children who live with their migrant worker parents to take the college entrance exam in their cities of residence.
  •  
  • The number of students from poor rural areas who were newly enrolled in key colleges and universities increased by more than 10% for the second year running.
  •  
  • Government spending on education has come to reach over 4% of GDP.
  •  
  • Trials of serious illness insurance for rural and non-working urban residents were extended to all provincial-level administrative areas.
  •  
  • Over 95% of the whole population was covered by medical insurance.
  •  
  • The number of counties and county-level cities carrying out trial public hospital reforms reached over 1,300.
  •  
  • Great efforts were made to extend radio and television coverage not only to all villages but to all rural homes.
  •  
  • We intensified efforts to ensure workplace safety and achieved reductions in the number of total accidents, serious and major accidents, and accidents in key industries.
  •  
  • Serious efforts were made to prevent food contamination, and on the whole the situation was kept stable in food and medicine safety.
  •  
  • The third national economic census was completed.
  •  
  • We reformed the system for handling public complaints made in the form of letters or visits.
  •  
  • Legal aid was expanded to cover not only people living on subsistence allowances but also those on low incomes.
  •  
  • We have been strictly putting into practice the CPC Central Committee’s eight-point decision on improving Party and government conduct and making persistent efforts to fight formalism, bureaucratism, hedonism, and extravagance.
  •  
  • Progress has been made in pursuing the Silk Road Economic Belt and 21st Century Maritime Silk Road initiatives.
  •  
  • Preparations have been made for establishing the Asian Infrastructure Investment Bank, and the Silk Road Fund has been set up.

 

>> PROBLEMS (= Growth Areas)

  •  Growth in investment is sluggish; the number of new areas of strong consumer activity is limited.
  •  
  • The prices of manufactured products are continuing to fall; the costs of factors of production are on the rise.
  •  
  • Small and micro businesses are finding it difficult and costly to obtain financing; and the going is tough for some enterprises.
  •  
  • China’s economic growth model remains inefficient; our capacity for innovation is insufficient.
  •  
  • Overcapacity is a pronounced problem, and the foundation of agriculture is weak.
  •  
  • There are still many problems of public concern in medical services, elderly care, housing, transport, education, income distribution, food safety, and law and order.
  •  
  • Environmental pollution is serious in some localities, and major accidents in the workplace are not uncommon.
  •  
  • There is still much to be improved in the work of the government, with some policies and measures not being satisfactorily implemented.
  •  
  • A small number of government employees behave irresponsibly; shocking cases of corruption still exist.
  •  
  • Some government officials are neglectful of their duties, holding onto their jobs while failing to fulfill their responsibilities.
  •  
  • We must be ready to bear the weight of responsibility, do justice to our historic mission, and live up to the great trust the people place in us.

  

II. The Plan for Work in 2015

  •  China is the largest developing country in the world.
  •  
  • In order to defuse problems and risks, avoid falling into the “middle-income trap,” and achieve modernization.
  •  
  • China must rely on development, and development requires an appropriate growth rate.
  •  
  • Systemic, institutional, and structural problems have become “tigers in the road” holding up development.
  •  
  • Without deepening reform and making economic structural adjustments, we will have a difficult time sustaining steady and sound development.
  •  
  • With downward pressure on China’s economy building and deep-seated problems in development surfacing, the difficulties we are to encounter in the year ahead may be even more formidable than those of last year.
  •  
  • On the other hand, China is still in an important period of strategic opportunity during which great progress can be made in development.
  •  
  • Our country’s development has enormous potential and is hugely resilient, and we have ample room for growth.
  •  
  • We need to develop twin engines to drive development: popular entrepreneurship and innovation, paired with increased supplies of public goods and services. This will ensure that our growth rate is adjusted without weakening momentum.

 

We have set the main targets for China’s economic and social development for this year as follows:

 – increase the GDP by approximately 7%

– keep the increase in the CPI at around 3%

– create over ten million jobs in urban areas

– ensure that the registered urban unemployment rate does not rise above 4.5%

– increase imports and exports by around 6%

– achieve a basic balance of payments

– ensure that personal incomes increase in step with economic development

– cut energy intensity by 3.1%, and continue to reduce the emissions of major pollutants

 

  • Local governments need to set targets based on local conditions
  •  
  • The government budget deficit for 2015 is projected to be 1.62 trillion yuan, an increase of 270 billion yuan over last year, which means that the deficit to GDP ratio will rise from last year’s 2.1% to 2.3%.
  •  
  • Of this amount, the central government deficit will account for 1.12 trillion yuan, an increase of 170 billion yuan, and local government deficit will account for 500 billion yuan, an increase of 100 billion yuan.
  •  
  • We will develop and improve mechanisms for local governments to secure financing through bond issuance.
  •  
  • We will allow local governments to issue an appropriate amount of special bonds, ensure continued financing for eligible projects already under construction.
  •  
  • We will continue to make structural tax reductions and cut fees across the board so as to further lighten the burden on enterprises, particularly small and micro businesses.
  •  
  • The M2 money supply is forecasted to grow by around 12% in 2015, but the actual supply may be slightly higher than this projection depending on the needs of economic development.
  •  
  • In its current stage of development, China has to deal simultaneously with the slowdown in economic growth, making difficult structural adjustments, and absorbing the effects of previous economic stimulus policies.
  •  
  • As resource-related and environmental constraints grow and costs for labor and other factors of production rise, a model of development that draws on high levels of investment and energy consumption and is heavily driven by quantitative expansion becomes difficult to sustain.
  •  
  • We need to increase research and development spending, raise total factor productivity, improve quality, standards, and brand-building, strengthen the service sector and strategic emerging industries and increase their share of the economy, improve the overall structure of economic growth, and work harder to foster new areas of growth and growth poles.
  •  
  • We will increase the supply of public goods and services, increase government input in areas like education and health care, and encourage nongovernmental participation to improve the efficiency of supply.
  •  
  • At the same time, we will also encourage people to start their own businesses and to make innovations.
  •  
  • China has a population of 1.3 billion and a workforce of 900 million.
  •  
  • This year is the final year for completing the 12th Five-Year Plan.

  

III. Deepening Reform and Opening Up

  •  We will deepen reform of the business system; further simplify the process for capital registration; take gradual steps to integrate the business license, the certificate of organization codes, and the certificate of taxation registration into one certificate.
  •  
  • We will draw up a negative list for market access, ensure that provincial-level governments make their lists of powers and responsibilities open to the public.
  •  
  • We will work to improve the credit rating system, put in place a national unified system of codes for rating credit, and establish a platform for sharing and exchanging information on credit.
  •  
  • Procedures and processes must be simplified and time frames must be clarified for all items requiring administrative review, and cuts to government power will be made to boost market vitality.
  •  
  • We will substantially reduce the number of investment projects that require government review, delegate more powers of review to lower-level governments, significantly streamline the need for preliminary review for investment projects, and conduct project reviews online.
  •  
  • We will greatly relax market access for private investment and encourage the use of private capital to set up equity funds.
  •  
  • The government will guide nongovernmental investments toward key projects by subsidizing investments, injecting capital, and establishing funds.
  •  
  • We will actively promote models of cooperation between government and nongovernmental capital in developing infrastructure and public utilities.
  •  
  • The government will stop setting prices for most pharmaceuticals and delegate to lower-level governments the power to set prices for certain basic public services.
  •  
  • We will expand the trials of pricing reforms for electricity transmission and distribution, carry out pricing reforms for water used in agriculture, and improve pricing policies to make them more conducive to energy conservation and environmental protection.
  •  
  • We will improve the pricing of resource products and fully implement a system of tiered pricing for electricity, water, and natural gas used for household purposes.
  •  
  • With the exception of cases where classified information is involved, all central and local government departments must release their budgets and final accounts for public oversight.
  •  
  • We will increase the percentage of funds transferred from the budgets for state capital operations to general public budgets.
  •  
  • We will devote serious energy to completing work to replace business tax with VAT across the board, adjust and improve policies on consumption tax, and extend price-based resource taxes to cover more types of resources.
  •  
  • We will reform the transfer payments system, clearly define the respective powers and spending responsibilities of the central and local governments, and make appropriate adjustments to the division of revenue between them.
  •  
  • We will encourage qualified private investors to establish, in accordance with the law, small and medium-sized banks and other financial institutions; there will be no quota imposed on them, and approval will be granted as long as all required conditions are met.
  •  
  • A deposit insurance system will be established.
  •  
  • We will further liberalize interest rates and improve the central bank’s framework for their regulation.
  •  
  • We will work to keep the RMB exchange rate at an appropriate and balanced level and allow it to float more freely.
  •  
  • We will make steady progress in realizing the convertibility of the RMB capital accounts, expand the use of the RMB internationally, accelerate the establishment of a cross-border payment system for the RMB, improve the worldwide clearing system for the RMB.
  •  
  • Pilot private overseas investment, and launch the Shenzhen-Hong Kong Stock Connect on a trial basis at an appropriate time.
  •  
  • We will strengthen the multilevel capital market and implement the reform to introduce a system of registration for issuing stocks.
  •  
  • We will develop regional equity markets to serve small and medium-sized enterprises, encourage the securitization of credit assets, prompt an expansion of the issuance of corporate bonds, and develop the financial derivatives market.
  •  
  • We will launch insurance to cover major disasters and commercial pension schemes that allow for deferred payment of individual income tax.
  •  
  • We will move more swiftly in carrying out trials on establishing state capital investment companies and operating companies, create a market-based platform for state capital operations.
  •  
  • We will take systematic steps to implement the reform of introducing mixed ownership to SOEs, and both encourage and regulate equity investment made by non-state capital in SOE investment projects.
  •  
  • We will work, through multiple channels, to relieve SOEs of their obligation to operate social programs.
  •  
  • We will improve the mechanism for sharing the cost of export tax rebates between the central and local governments, with the central government paying all this year’s increase over last year for the benefit of local governments and exporting enterprises.
  •  
  • Expand comprehensive trials in cross-border e-commerce.
  •  
  • We will focus on making the service and manufacturing sectors even more open by halving the number of industries in which foreign investment is restricted.
  •  
  • We will work to increase the international market share of Chinese railway, electric power, communications, engineering machinery, automobile, aircraft, electronics, and other equipment, and encourage the metallurgical, building materials, and other industries to invest overseas.
  •  
  • We will work with the relevant countries in developing the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
  •  
  • We will work to build the China-Pakistan Economic Corridor and the Bangladesh-China-India-Myanmar Economic Corridor.

  

IV. Balancing Steady Economic Growth and Structural Improvement

  •  We will promote consumption in elderly care, domestic services, and health services, help strengthen spending on information goods and services, raise consumer spending on leisure and tourism, give impetus to green consumption, keep housing consumption stable, and encourage people to spend more on education, culture, and sports.
  •  
  • We will press ahead with the nationwide project to deliver telecoms, radio, television, and Internet service over a single broadband connection.
  •  
  • Develop logistics and express delivery services, and ensure that new forms of Internet-based spending, which combine online-offline activities, come to thrive.
  •  
  • We will invest over 800 billion yuan in railway construction and open over 8,000 kilometers of railways to traffic.
  •  
  • Investment in the major water conservancy projects under construction will exceed 800 billion yuan.
  •  
  • Investment to be made in the above sectors, such as railways, water conservancy, and projects to rebuild rundown urban areas, will be weighted toward the central and western regions.
  •  
  • We need to keep grain output above 550 million metric tons.
  •  
  • We will make sure that China’s arable land area does not fall below the red line of 120 million hectares.
  •  
  • Improve the subsoil of 13.3 million hectares of cropland.
  •  
  • Pilot projects to replace grain crop cultivation with feed crop cultivation.
  •  
  • This year, we will ensure that 60 million more rural residents gain access to safe drinking water.
  •  
  • 200,000 kilometers of rural roads are built or upgraded and that bridges are built to replace all ropeways in the western region.
  •  
  • We will work toward providing electricity to the over 200,000 remaining people in China who are still without access.
  •  
  • We will strengthen efforts to improve the environment, focusing particularly on refuse and sewage treatment.
  •  
  • We must again reduce the poor rural population by more than 10 million.
  •  
  • We will move prudently to carry out pilot reforms relating to rural land requisition, putting
  • rural collective land designated for business-related construction on the market, the system of land use for rural housing, and the rural collective property rights system.
  •  
  • This year, our plan includes building an additional 7.4 million units of government-subsidized housing, of which 5.8 million are to be located in rundown urban areas, an increase of 1.1 million over last year.
  •  
  • We will renovate 3.66 million dilapidated rural houses, an increase of one million over the number renovated last year.
  •  
  • We will phase in the policy of using both the provision of physical housing and the allocation of housing subsidies.
  •  
  • Promote the stable and sound development of the real estate market.
  •  
  • People originally from rural areas who live and work in urban areas but have yet to gain urban residency will be able to access basic public services on the basis of their residence certificates.
  •  
  • We will link the transfer payments of cities to their performance in granting urban
  • residency to eligible migrant workers.
  •  
  • We need to formulate and implement plans for building city clusters. efforts will be made to bring population growth in megacities under control.
  •  
  • We will promote development of the new Eurasian Continental Bridge.
  •  
  • We will implement the “Made in China 2025” strategy; seek innovation-driven development; apply smart technologies; strengthen foundations; pursue green development; and redouble our efforts to upgrade China from a manufacturer of quantity to one of quality.
  •  
  • We will provide subsidies and accelerate equipment depreciation to push forward the technological upgrading of traditional industries.
  •  
  • We will promote the extensive application of information technologies in industrialization.
  •  
  • We will launch major projects to develop high-end equipment, information networks, integrated circuits, new energy, new materials, biomedicines, aero engines, and gas turbines.
  •  
  • We will develop the “Internet Plus” action plan to integrate the mobile Internet, cloud computing, big data, and the Internet of Things with modern manufacturing.
  •  
  • We will speed up the reform to manage the use and commoditization of and the distribution of profit from scientific and technological advances of public institutions and extend the coverage of policies which allow for incentive mechanisms for innovation based on shares and dividends.
  •  
  • Extra tax deductions for research and development costs and policies that support new- and high-technology enterprises.

  

V. Making Sustained Efforts to Improve Living Standards and Promote Social Development

  •  This year, the number of college graduates will reach 7.49 million, a record high.
  •  
  • Carry out the plan to guide university students toward starting their own businesses and support them in creating start-ups in emerging industries.
  •  
  • We will work to help people who have lost their jobs due to structural adjustments or measures to address overcapacity to find new employment.
  •  
  • We will draw on comprehensive governance to deal with the “missing” or delayed wages of migrant workers.
  •  
  • The basic pension benefits for enterprise retirees will be increased by 10%.
  •  
  • The monthly basic pension benefits for rural and non-working urban residents will be uniformly raised from 55 yuan to 70 yuan per person.
  •  
  • The premiums will be lowered for insurance schemes such as the unemployment insurance scheme and the workplace injury insurance scheme.
  •  
  • We will make policies weighted toward benefiting government and Party employees at the community level.
  •  
  • We will implement the policy of enabling the children of migrant workers to receive compulsory education in the cities and towns where they and their parents live.
  •  
  • We will guide a number of local undergraduate institutions to transform themselves into applied colleges.
  •  
  • We will support the development of higher education in the central and western regions by offering them assistance through pairing programs.
  •  
  • Increase the annual government subsidy for this insurance from 320 yuan to 380 yuan per person.
  •  
  • We will basically complete the task of enabling on-the-spot settlement of medical expenses incurred anywhere within the provincial-level administrative area where one’s insurance is registered.
  •  
  • Trial public hospital reform in 100 cities at or above the prefecture level.
  •  
  • We will put a stop to the practice of charging more for medicines to make up for low prices for medical services.
  •  
  • We will encourage doctors to practice in community-level clinics in addition to their regular practice.
  •  
  • We will increase the annual subsidy for government expenditures on basic public health services from 35 yuan to 40 yuan per capita, with the entire additional sum to be used for paying for rural doctors to provide basic public health services.
  •  
  • Accelerate efforts to untie industry associations and chambers of commerce from any connections they may have with the government.
  •  
  • We will encourage the opening of nongovernmental elderly care facilities.
  •  
  • This year, we will cut the intensity of carbon dioxide by at least 3.1%, reduce both chemical oxygen demand and ammonia nitrogen emissions by around 2%, and reduce emissions of sulphur dioxide and nitrogen oxides by around 3% and 5% respectively.
  •  
  • We will promote the use of new-energy vehicles, reduce vehicle exhaust emissions, raise the national production standards for and improve the quality of fuel, and provide motor gasoline and diesel fuel that meets National-V standards to all key cities in key areas.
  •  
  • We will remove from the roads all high-emission commercial vehicles registered before the end of 2005.
  •  
  • Expand the trials for trading carbon emissions rights.
  •  
  • We will introduce third party governance in the handling of environmental pollution.
  •  
  • We will work on the legislation for environmental protection tax.
  •  
  • In China, we will put great weight behind the development of wind power, photovoltaic power, and biomass energy, work actively to develop hydropower, stress safety in developing nuclear power, and exploit and utilize shale gas and coal seam gas.
  •  
  • We will set a ceiling on total energy consumption.
  •  
  • Promote the recovery of resources from industrial and household waste.
  •  
  • We will develop the energy conservation and environmental protection industry into a new pillar of the economy.
  •  
  • This year, we will return an additional 666,667 hectares of marginal farmland back to forest or grassland, and afforest 6 million more hectares of land.

  

VI. Improving Government

  •  We will deepen reform of the administrative law enforcement system.
  •  
  • Routine services that can be provided by a third party should be handed over to the market or society.
  •  
  • Promote the use of e-government and online administration.
  •  
  • As rent-seeking is a feature common to all types of corruption, we will shed powers to make government cleaner, truss up the institutional fencing, and resolutely eliminate any room for rent-seeking, thus eradicating the breeding grounds of corruption.
  •  
  • Our tough stance on corruption is here to stay; our tolerance for corruption is zero.
  •  
  • We will work to improve the mechanisms for assessing performance, and commend those who perform well, admonish those who do not, and expose and hold to account those who are indolent, sloppy, or neglectful of their duties.
  •  
  • We must keep to the Party’s goal of strengthening the armed forces under the new conditions, uphold the fundamental principle of the Party’s absolute leadership over the armed forces.
  •  
  • We will comprehensively strengthen modern logistics, step up national defense research and development of new- and high-technology weapons and equipment, and develop defense-related science and technology industries.
  •  
  • We will strengthen efforts to modernize the armed police forces.
  •  
  • We will coordinate national defense development and economic development and deepen the integration of the military and civil sectors.
  •  
  • We will make new and greater contributions toward achieving the Two Centenary Goals* and realizing the Chinese Dream of the great rejuvenation of the Chinese nation.

*The Two Centenary Goals are to finish building a moderately prosperous society in all respects by the time the CPC celebrates its centenary in 2021; and to turn China into a modern socialist country that is prosperous, strong, democratic, culturally advanced, and harmonious by the time the People’s Republic of China celebrates its centenary in 2049.

 (Article not to be reproduced without permission).

Included in the popular Sinocism newsletter, March 8th 2015.

Cited by The China Story, March 9th 2015.

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3 comments

  1. […] 8. Contrarian highlights from China’s Government Working Report 2015 | chiecon Below are the less glamourous highlights not being washed through mainstream media, yet it’s these changes that will have more of an impact on people’s livelihoods. Hence these are the trends in China’s real economy to look out for, and will influence anyone doing business in China or picking China stocks over the following years. […]

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