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By Lin Jinbing / Mar 05, 2019 09:34 AM / Economy

Premier Li Keqiang. Photo: VCG

Premier Li Keqiang. Photo: VCG

China has set a target for its gross domestic product (GDP) growth at 6% to 6.5% for 2019, according to Chinese Premier Li Keqiang’s annual government work report delivered to the National People’s Congress, the country’s top legislature, during its annual session in Beijing on Tuesday, the official Xinhua News Agency reported.

The report included other important projected targets for economic development this year, including:

— Consumer price index growth of around 3%

— More than 11 million new urban jobs

— A surveyed urban unemployment rate of around 5.5%

— A registered urban unemployment rate within 4.5%

This year’s deficit as a percentage of GDP is projected at 2.8%, 0.2 percentage point higher than last year. The government deficit is projected at 2.76 trillion yuan ($411.5 billion), with a central-government deficit of 1.83 trillion yuan and a local-government deficit of 930 billion yuan.

Tax and fee cuts

— Value-added tax reform: reduce the current tax rate of 16% in the manufacturing sector to 13%, lower the rate in the transportation and construction sectors from 10% to 9%, and keep the lowest bracket rate unchanged at 6%.

— This year, reduce the tax burdens on and social insurance contributions of enterprises by nearly 2 trillion yuan.

— The report said China will prudently advance legislation on real-estate tax.

Local debt

This year, 2.15 trillion yuan of special local-government bonds will be issued, an increase of 800 billion yuan from last year.

Related: The Chinese People's Political Consultative Conference (CPPCC) Opens in Beijing

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