SHANGHAI, Mar 5 (SMM) — China's national legislature opened its annual session Friday morning in Beijing. Xi Jinping and other Chinese leaders attended the opening meeting of the fourth session of the 13th National People's Congress, held at the Great Hall of the People.

Premier Li Keqiang delivered a government work report on behalf of the State Council to the legislature for deliberation, and the key takeaways are as follows.

GDP goal to increase by more than 6% in 2021

According to the government work report, the main expected target for development this year is to increase GDP by more than 6% and create more than 11 million new jobs in urban areas.  The targeted urban surveyed unemployment rate is expected to about 5.5% while consumer prices increase by about 3%. Energy consumption per unit of gross domestic product is target to be reduced by about 3% while grain output remained above 1.3 trillion catties.

Formulate an action plan for peaking carbon emissions by 2030

The China government stated that it is doing a solid job of carbon peaking and carbon neutrality. Formulate an action plan for peaking carbon emissions by 2030, while optimizing the industrial and energy structure. China is also striving to promote the clean and efficient use of coal, and develop new energy sources. China will also make due contributions to the global response to climate change with practical actions.

Steady increase in bulk consumption of automobiles, home appliances. Increase the construction of 5G networks and gigabit optical networks

China has steadily increased bulk consumption such as automobiles and home appliances, removed unreasonable restrictions on second-hand car transactions, increased parking lots, charging piles, and replacement power stations, and accelerated the construction of a power battery recycling system. Intensify the construction of 5G networks and gigabit optical networks to enrich application scenarios.

In addition, China is also coordinating the layout of emerging industries. It will also strengthen the construction of quality infrastructure, in-depth implementation of quality improvement actions, promote the effective connection of upstream and downstream standards in the industrial chain, promote the spirit of craftsmanship, and improve the quality of Chinese manufacturing with meticulous workmanship.

Solve the outstanding problems of housing in big cities

The government work report stated that the outstanding problems of housing in big cities should be resolved, by increasing land supply, arranging special funds, and intensive construction, to effectively increase the supply of affordable rental housing and common property housing, regulate the development of the long-term rental housing market, and reduce rental housing taxes burden and try our best to help new citizens and young people alleviate housing difficulties.

Formulate and implement a ten-year action plan for basic research, and the R&D expenditure to increase by over 7% annually

China is also looking at improving its innovation system, accelerating the construction of strategic scientific and technological forces led by national laboratories, fighting for key core technologies, formulating and implementing basic research ten-year action plans, and increasing social R&D expenditures by more than 7% annually , Strive to invest more than the actual intensity of the "13th Five-Year Plan" period.

Appropriately reduce payment fees for SMEs

The government work report stated that it will optimize the supervision of deposit interest rates, promote the further reduction of actual loan interest rates, and continue to guide the financial system to transfer profits to the real economy.

Helping SMEs on financing problems

The extension of the policy of deferred principal and interest payment for inclusive small and micro enterprise loans. The extension of the small and micro enterprise financing guarantee fee reduction and subsidy policy. Large commercial bank inclusive of small and micro enterprise loans increased by more than 30%; small and micro enterprises should be appropriately reduced pay processing fees.