Full text: Report on China's economic, social development plan

BEIJING - Following is the full text of the Report on the Implementation of the 2013 Plan for National Economic and Social Development and on the 2014 Draft Plan for National Economic and Social Development, which was submitted on March 5, 2014 for review at the Second Session of the 12th National People's Congress and was adopted on March 13.

REPORT ON THE IMPLEMENTATION OF THE 2013 PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT AND ON THE 2014 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT

Second Session of the Twelfth National People's Congress

March 5, 2014

National Development and Reform Commission

Fellow Deputies,

The National Development and Reform Commission has been entrusted by the State Council to submit this report on the implementation of the 2013 plan and on the 2014 draft plan for national economic and social development to the Second Session of the Twelfth National People's Congress (NPC) for your deliberation and for comments from the members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

I. Implementation of the 2013 Plan for National Economic and Social Development

In the face of the complex domestic and international situations in 2013, all regions and government departments adhered to the general work guideline of making progress while maintaining stability; to the policy of maintaining stable growth, making structural adjustments and advancing reform; and to the requirement that our macro policies be stable, micro policies be flexible and social policies meet people's basic needs in accordance with the policies and plans of the Central Committee of the Communist Party of China (CPC) and the State Council. They did all their work well on the basis of the Plan for National Economic and Social Development approved at the First Session of the Twelfth NPC. As a result, economic and social development got off to a good start and overall implementation of the plan was good.

1. The economy performed within a proper range.

We did not waver on our policy. We created new ideas and methods of control. As a result, economic and social development progressed and improved steadily.

First, the economy as a whole was stable. Preliminary assessments indicate that China's GDP reached 56.88 trillion yuan, an increase of 7.7% over the previous year and in full accord with the targeted figure. China's government revenue increased by 10.1% to 12.91 trillion yuan and the deficit was 1.2 trillion yuan. RMB loans for the year increased by 8.89 trillion yuan. At year' s end, the broad money supply (M2) rose 13.6%. Profits of industrial enterprises with annual revenue of 20 million yuan or more from their main business operations reached 6.28 trillion yuan, an increase of 12.2% over the previous year. Demand for coal, electricity, petroleum, gas, and transport was satisfactorily met in critical areas and at important times.

Second, domestic demand continued to be the main driving force of growth. Retail sales of consumer goods totaled 23.78 trillion yuan, an increase of 13.1%. A number of new forms and areas of consumption were very vigorous, and the value of e-commerce transactions exceeded ten trillion yuan, an increase of more than 25%. China's total investment in fixed assets amounted to 44.71 trillion yuan, an increase of 19.3%. Private investment increased by 23.1% and accounted for 63% of the investment in fixed assets (excluding investment by rural households), 1.8 percentage points higher than the previous year. The contribution of domestic demand to economic growth reached 104.4%.

Third, overall price levels were basically stable. Consumer prices for the year rose 2.6%, within the targeted range. The work of purchasing, storing and releasing important commodities and of adjusting their imports and exports proceeded in good order. Trials of a policy-based insurance system for the market prices of hogs and vegetables were energetically carried out. We intensified inspection of prices and fees and law enforcement against monopolistic pricing, and handled 34,400 cases of pricing violations for the year and assessed fines totaling 3.125 billion yuan.