Since the Government Work Report was released in March, many promises in the report have been fulfilled. Social-economic indicators are as expected.
Projected annual GDP growth rate: 6.5 percent
Actual GDP growth rate in first half: 6.8 percent
Projected rise in CPI: 3 percent
Actual half-year rise in CPI: 2 percent
Projected new jobs in 2018: 11 million
Actual new jobs created in first half: 7.5 million, or 68 percent of projected number
Projected urban unemployment rate in 2018: below 5.5 percent
Actual urban unemployment rate: 4.8 percent; the number is below 5 percent for three months in a row
Cancel data traffic roaming charges
From July 1, domestic data roaming charges were canceled. Provincial data were upgraded to domestic data, excluding Hong Kong, Macao and Taiwan.
Raise personal income tax threshold, and add expense deduction items for children’s education and treatment for serious diseases
In the draft amendment for personal income tax law, the personal income tax threshold will be raised to 5,000 yuan a month, with expense deductions for items such as children’s education and treatment for serious diseases, home loan interest and home rent. The draft has been submitted for review by the standing committee of the National People’s Congress.
Lower import tariffs on automobiles, some everyday consumer goods
From July 1, import tariffs on automobiles and their parts were reduced, as well as most-favored-nation tax rates on some everyday consumer goods.
Continue raising basic pension for rural and nonworking urban residents
Minimum monthly pension for rural and nonworking urban residents was raised from 70 yuan per person to 88 yuan.
Establish central adjustment system for employees’ basic pension funds to be used inter-provincially
From July 1, the central adjustment system for employees’ basic pension funds to be used inter-provincially was launched.