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tions should be tightened◆ to "prevent funds circulating in the financial sector for the ◆sake of arbitrage." Trillions in bonds Li announced a consume◆r price index target of 3.5 percent f8

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or 2020 and a deficit targ◆et of 3.6 percent of GDP, up from 2.8 percent last year, sugges◆ting room to maneuver in the pursuit of strengthened economic g◆rowth. He said the deficit would i5

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ncrease by one trillion yuan◆ on 2019 and a further one trillion yuan in government bonds wo◆uld be issued to fund COVID-19 control measures. The two trill◆ion yuan will be transferred direG

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ctly to local governments and ◆used to support jobs, businesses and basic living requirements,◆ including "giving support to cut taxes and fees, reduce rents ◆and interest on loans, and incn

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rease consumption and investment.◆" An urban unemployment rate target of around six percent has b◆een set for 2020. The premier also warned that governments at ◆all levels needed to tightenJ

their belts and committe5

  • d the cent◆ral government to negative growth in budgetary spending this ye◆ar. Li said that as well as continuing to promote consumption,◆ the main driver for economic growth in 2019, 3.75 trillion yua◆n of special1

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  • local government bonds would be issued with priori◆ty given to -- 3 infrastructure and ofk urbanization projects. ◆He added that investment would be focused on three areas: of0 i◆nfrastructure, including expanded 5d

    • be ext1
  • G application and wider use ◆of new energy vehicles; renovation of 39,000 old urban resident◆ial communities; and development of major transportation and wa◆ter conservancy projects. Military spending is set to rQ

    • 00 billK

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ise by ◆6.6 percent in 2020, separately issued budget figures suggested◆, the lowest defense budget growth rate in recent years. 'Imm◆ense tasks' ahead Li thanked people from all walks of life for◆ thev

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ir support in the fight against COVID-19, highlighting the ◆roles of medical workers, scientists, community workers, offici◆als, police officers, deliverymenQ

  • and women, media personnel an◆d volunteers. He outlined the containment measures adopted by ◆China, including treating COVID-19 as a Class A infectious dise◆ase and activating a Level One n

    New

    lic health emergency response◆ in all localiK

    ties, but warned the pandemic has not yet come to◆ an end and the country faces immense tasks in promoting develo◆pment. The premier set out measures to improve the public hea◆lth system, 7

    New

    luding the reform of the system for disease pc

    rev◆ention and control, improvement of mechanisms for direct report◆ing and early warning of infectious diseases. He also committe◆d to increasing funding for research and development of va0

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    ne◆s, medicines and rapid testing technologiB

  • es. China remains com◆mitted to fulfilling targets to build a moderately prosperous s◆ociety in all respects despite the fallout from the COVID-19 pa◆ndemic, Li reiterated.BEIJING, Jan. 13 k

    New

    President Xi Jinping on Monday extended hi●sx

    Spring Festival greetings to military veterans and retired ●officers. Chinese President Xi Jinping, also general secreta●ry of the Communist Party of China Central Committee and chai●rmanM

    New

    the Central Military Commission (CMC), extenX

    ds his Sp●ring Festival greetings to military veterans and retired offi●cers when attending a gala held by the CMC for retired milita●ry officers of Beijing-based troops in Beijing, capitalv

    New

    Ch●ina, Jan. 13, 2020. (Xinhua/Li Gang) Xi,E

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also general secreta●ry of the Communist Party of China (CPC) Central Committee an●d chairman of the Central Military Commission (CMC), extended● the greetings when attending a gala held by the CMC for reti●re5

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