Page 2 - REPORT ON THE WORK OF THE GOVERNMENT

well-coordinated way; and we improved and adjusted response measures in view
of virus variations and the evolving dynamics of epidemic prevention and control.

Confronted with new downward pressure on the economy, we acted
decisively and made timely adjustments. We made use of the policy tools kept in
reserve over recent years, front-loaded the implementation of adopted policies, and
remained firm in advancing supply-side structural reform. We unveiled and

implemented a full range of policies and follow-up measures to stabilize the
economy.
We formulated plans for the task of ensuring overall economic stability. We
stepped up supervision and support to ensure policy implementation by local

governments and assisted them in fully leveraging the potential of policies, and
supported major economically developed provinces in shouldering greater
responsibility. We gave priority to ensuring stable growth, employment, and prices,
thus bringing about a steady economic recovery.
Gross domestic product (GDP) of the year grew by 3 percent. A total of 12.06

million urban jobs were added, with the year-end surveyed urban unemployment
rate falling to 5.5 percent. The consumer price index (CPI) rose by 2 percent. The
total volume of trade in goods rose by 7.7 percent. The deficit-to-GDP ratio was
kept at 2.8 percent, and central government revenue and expenditure were in line

with budget projections, with expenditure slightly lower than the budgeted figure.
A basic equilibrium was maintained in the balance of payments, and the RMB
exchange rate remained stable relative to other major global currencies. Grain
output reached 685 million metric tons, an increase of 3.7 million metric tons. The

environment continued to improve.
Overcoming great difficulties and challenges, we succeeded in maintaining
overall stable economic performance. Amid a complex and fluid environment, we
were able to generally accomplish the main targets and tasks for the year. Such

achievements are a testament to the tremendous resilience of China’s economy.
We stepped up relief support to enterprises facing growing difficulties in
operation and production. Impacted by Covid-19 and other factors, many
enterprises and self-employed individuals experienced acute distress. Last year,
value-added tax (VAT) credit refunds exceeded 2.4 trillion yuan, newly

implemented tax and fee cuts amounted to more than 1 trillion yuan, and
postponements were introduced for tax and fee payments of over 750 billion yuan.
To ensure implementation of tax and fee reduction policies, the central government

1