Report on China's economic, social development plan (2012)

Following is the full text of the Report on the Implementation of the 2011 Plan for National Economic and Social Development and on the 2012 Draft Plan for National Economic and Social Development, which was submitted on March 5, 2012 for review at the Fifth Session of the 11th National People's Congress and was adopted on March 14.

REPORT ON THE IMPLEMENTATION OF THE 2011 PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT AND ON THE 2012 DRAFT PLAN FOR NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT

Fifth Session of the Eleventh National People's Congress

March 5, 2012

National Development and Reform Commission

Fellow Deputies,

The National Development and Reform Commission has been entrusted by the State Council to report on the implementation of the 2011 plan and on the 2012 draft plan for national economic and social development for your deliberation and approval at the Fifth Session of the Eleventh National People's Congress (NPC), and also for comments and suggestions from the members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

I. Implementation of the 2011 Plan for National Economic and Social Development

In the face of complex, volatile political and economic landscapes abroad and new circumstances and changes in economic activities at home in 2011, all localities and departments followed the decisions and arrangements of the central leadership, and took scientific development as the theme and accelerating transformation of the pattern of economic development as the main thread of work. Based on the plan for national economic and social development adopted at the Fourth Session of the Eleventh NPC, we strengthened and improved macro-control, balanced efforts to sustain steady and robust economic development, restructure the economy and manage inflation expectations, and consolidated and expanded upon the achievements we made in countering the impact of the global financial crisis. Our national economy continued to move in the direction guided by macro-control efforts, gaining momentum with robust growth, stabilized prices, fairly good effect, and improved people's wellbeing. Overall, we successfully implemented the plan for 2011 and got the Twelfth Five-Year Plan off to a good start.

1. The economy developed steadily and robustly.

The economy operated steadily on the whole, and economic performance stayed at a relatively high level. Preliminary estimates suggested China's gross domestic product (GDP) amounted to 47.1564 trillion yuan, an increase of 9.2% over the previous year, and 1.2 percentage points higher than the targeted figure. Economic growth fell slightly year on year, but it was in conformity with the orientation of macro-control designated at the beginning of the year, and it still remained high. Primary industries grew 4.5%, secondary industries grew 10.6%, and tertiary industries grew 8.9%, surpassing the targeted figures by 0.2, 2.4 and 0.4 percentage points, respectively. Total value-added of industry came to 18.86 trillion yuan, up 10.7%. By establishing a better balance between supply and demand in coal, electricity, petroleum, gas and transport, we were able to meet all the demands of people's lives, demands from important areas, and demands placed on us at crucial times. The quality and effect of economic growth continued to improve; large industrial enterprises posted a gain of 5.45 trillion yuan in profits, up 25.4% from the previous year; national revenue totaled 10.37 trillion yuan, an increase of 24.8%; and the fiscal deficit was 50 billion yuan less than the budgeted amount.

Figure 1 GDP Growth (Xinhua Photo)

Consumption and investment grew steadily, and domestic demand gave notably stronger impetus to economic growth. All policies and measures to boost consumption were earnestly implemented and constantly improved. Retail sales of consumer goods totaled 18.3919 trillion yuan, an increase of 17.1% and 1.1 percentage points higher than the target. The investment structure was adjusted and improved, and the amount of nongovernmental investment, along with its proportion, continued to grow. China's total fixed-asset investment amounted to 31.1022 trillion yuan, up 23.6% and 5.6 percentage points higher than the target, with the eastern, central, western and northeastern regions growing 20.1%, 27.5%, 28.7% and 30.4%, respectively. This includes a 34.3% increase in nongovernmental investment (excluding investment by rural households), or a year-on-year increase of 4.5 percentage points in its share of the total fixed-asset investment. Final consumption and gross capital formation contributed 4.7 percentage points and 5 percentage points to economic growth, respectively. Final consumption made up 51.6% of this growth, 10.1 percentage points higher than the previous year, and gross capital formation made up 54.2%, up 1.4 percentage points.

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