China | Main takeaways from Government Work Report at “Two Sessions”

On May 22th, in the third session of NPC, Premier Li Keqiang delivered the Government Work Report. The report not only summarized the achievements of China in 2019 but also made a blueprint of every perspective of economic and social development for 2020.

Key points

• Key points:
• No GDP growth target was set for 2020.
• Employment protection is the first priority among the “Six Stabilities” and “Six Protections”
• Proactive fiscal policy will support a stimulus package of 5% of GDP.
• Prudent monetary policy will be more flexible to support growth.
• The focus of industry policy will shift to developing “new infrastructure” this year.

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