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

Following is the full text of the Report on the Implementation of the 2012 Plan for National Economic and Social Development and on the 2013 Draft Plan for National Economic and Social Development, which was submitted on March 5, 2013 for review at the First Session of the 12th National People's Congress and was adopted on March 17.

REPORT ON THE IMPLEMENTATION OF THE 2012 PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT AND ON THE 2013 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT

First Session of the Twelfth National People's Congress March 5, 2013 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 2012 plan and on the 2013 draft plan for national economic and social development to the First Session of the Twelfth National People's Congress (NPC) for your deliberation and approval and for comments and suggestions from members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

I. Implementation of the 2012 Plan for National Economic and Social Development

Last year, in the face of severe and complicated economic situations abroad and arduous tasks of reform, development and stability at home, all localities and departments followed the decisions and plans of the Central Committee of the Communist Party of China (CPC) and the State Council, and took developing in a scientific way as the underlying guideline and accelerating the change of the growth model as the major task. In accordance with the keynote of making progress while ensuring stability and based on the plan for national economic and social development adopted at the Fifth Session of the Eleventh NPC, we implemented the central leadership's macro-control policies and maintained a good momentum in China's economic and social development. Overall, we successfully implemented the plan for 2012.

1. On the whole the economy operated steadily.

Downward pressure on economic growth increased considerably in early 2012. In response the central leadership sized up the situation, gave higher priority to ensuring steady growth, adopted a number of targeted measures, and yielded the desired results. Preliminary estimates suggest China's gross domestic product (GDP) amounted to 51.9322 trillion yuan, an increase of 7.8%, and 0.3 percentage points higher than the targeted figure. We followed a proactive fiscal policy and increased structural tax reductions, thereby ensuring spending on major areas including those related to the people's wellbeing. National revenue totaled 11.721 trillion yuan, an increase of 12.8%, and the fiscal deficit was 800 billion yuan. We followed a prudent monetary policy, maintained stable, reasonable growth in the money and credit supply, and increased support for key areas and weak links. We granted 8.2 trillion yuan in RMB loans for the year, 732 billion yuan more than the previous year. At the end of 2012, the balance of broad money supply (M2) rose 13.8%. We improved regulation of economic activities, and ensured stable and orderly supplies of coal, electricity, petroleum, gas, and transport. The performance of enterprises steadily picked up, and the profits of large industrial enterprises reached 5.5578 trillion yuan, an increase of 5.3% over the previous year.

Domestic demand played a leading role in achieving stable growth. We further enhanced people's ability to consume, cultivated new areas of high consumption, improved the consumption environment, and got consumption to be the main driving force behind economic growth. Retail sales of consumer goods totaled 21.0307 trillion yuan, an increase of 14.3%, and 0.3 percentage points higher than the target. Investment maintained stable growth, and the structure of investment was optimized. We launched a number of major projects laid out in the Twelfth Five-Year Plan, and accelerated development of infrastructure that has a bearing on people's lives. China's total fixed-asset investment amounted to 37.4676 trillion yuan, up 20.3%, and 4.3 percentage points higher than the target. This includes a 24.8% increase in nongovernmental investment, which accounted for 61.4% of the total fixed-asset investment, 2 percentage points higher from the previous year. Final consumption and capital formation contributed 51.8% and 50.4% to the economic growth, respectively.