Premier Li Keqiang delivered his annual Government Work Report at the “Two Sessions” meeting, which includes the National People’s Congress and commenced this week in Beijing. The report highlighted significant economic and social advancements, reflecting the government’s efforts in various sectors.
Economic Highlights
During 2022, China’s national GDP reached RMB 121 trillion (USD 17.47 trillion), with an average annual growth rate of 5.2% over the last five years. The government generated RMB 20.4 trillion (USD 2.94 trillion) in fiscal revenues, alongside industrial added-value exceeding RMB 40 trillion (USD 5.77 trillion). The national research and development (R&D) intensity increased from 2.1% to more than 2.5%, demonstrating a continued drive towards innovation across industries.
Healthcare Initiatives
In the healthcare sector, the government intensified efforts on basic medical insurance (BMI) and major illness insurance. The per capita financial subsidy for urban and rural BMI residents was raised from RMB 450 to RMB 610 (USD 65 to 88), with more drugs included on the National Reimbursement Drug List (NRDL). The inter-provincial direct settlement system for both hospitalization and outpatient expenses has benefited over 67 million people. The volume-based procurement (VBP) program for drugs and medical consumables resulted in savings of RMB 400 billion (USD 57.77 billion) for citizens. Thirteen national medical centers were established last year, with 76 national regional medical centers in development. Public hospitals underwent comprehensive reforms, county medical care capabilities were enhanced, and tiered diagnosis and treatment systems were expanded. Traditional Chinese medicine received increased support, and the per capita financial subsidy standard for basic public health services was raised from RMB 50 to RMB 84 (USD 7.22 to 12.13). The disease prevention and control system was also reformed and improved.
Social Security and Services
Regarding social security and services, the government established the basic pension insurance fund central adjustment system, continuously raised the basic pension for retirees, and increased the minimum standard of basic pension for urban and rural residents. Standards for urban and rural subsistence allowances, preferential pensions, unemployment, and work-related injury security were also steadily raised. The government is actively addressing the aging population issue by promoting aging-related causes and the elderly care industry, including the integration of medical care and nursing. Additionally, the three-child policy and supporting measures have been implemented to support family planning and demographic balance.
Future Prospects
The annual Government Work Report by Premier Li Keqiang underscores the government’s commitment to sustainable economic growth and social welfare. By focusing on innovation, healthcare improvements, and social security enhancements, China aims to improve the quality of life for its citizens and maintain its position as a global economic leader.-Fineline Info & Tech
