Economic goals for coming year
Print Edition
SHANGHAI has set economic goals for 2020, and expects its gross domestic product to grow by around 6 percent, Shanghai Mayor Ying Yong said.
“This year is critical in completing the construction of a moderately prosperous society in all respects and the implementation of the 13th Five-Year Plan,” Ying said at the Third Session of the 15th Shanghai People’s Congress yesterday.
“We must stay keenly aware of the goal of the great rejuvenation of the Chinese nation, as well as the global context undergoing changes unseen in a century, and align Shanghai’s future development with the strategic position given by the central leadership, the greater context of economic globalization, China’s overall development, and the national plan of the Yangtze River Delta’s development,” Ying said.
Shanghai is aiming for 6 percent GDP growth this year. The revenue in the general budget is expected to be on par with last year, and the overall expenditure on research and development will continue to account for around 4 percent of the city’s GDP.
Surveyed and registered urban unemployment rates, meanwhile, are targeted at around 4.8 percent and 4.3 percent, respectively. The city also expects per capita disposable income of residents to rise in tandem with economic growth, and the CPI to increase at around 3 percent in 2020.
Ying noted the importance of advancing the “three new strategic tasks” on all fronts.
“In an effort to strengthen the city’s function as a hub for opening-up, we will move faster in shaping new systems for an even more open economy and strive to translate the major opportunities presented by the Three Major Tasks and One Major Platform as well as institutional innovation into a powerful locomotive for development and real benefits,” Ying said.
Shanghai will press ahead with the development of the Lingang Special Area of the Shanghai Free Trade Zone and fully leverage the leading role of the FTZ. The city will put into practice policies related to liberalization of investment, trade and transportation, free flow of capital, and freedom of employment as well as convenient connectivity; adopt an internationally competitive tax system and a comprehensive risk management system; advance the development of Yangshan Special Comprehensive Bonded Area; and build a special economic function zone and a modern new town.
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