On March 5, the Fifth Session of the Twelfth National People's Congress opened. In the "Government Work Report," Premier Li Keqiang pointed out that this year's GDP growth target is around 6.5%. The plan includes completing railway investments of 800 billion yuan, highway investments of 1.8 trillion yuan, and starting the construction of over 2,000 kilometers of urban underground comprehensive pipelines, which will drive the demand for related steel products such as rails and pipeline steel. At the same time, the "Government Work Report" stated that in 2017, fees will be reduced to lighten the burden on enterprises, with an expected reduction of about 200 billion yuan in enterprise-related fees; a broad quality improvement campaign will be launched to establish a competitive mechanism for quality elimination and survival, promoting the Chinese economy into a quality era. 1. Achieve a GDP growth of around 6.5% The main expected targets for this year's development are: a GDP growth of around 6.5% (last year's target was 6.5%~7%, note from the editor), striving for better results in actual work; a consumer price increase of about 3%; over 11 million new urban jobs, with an urban registered unemployment rate within 4.5%; stable and improving imports and exports, with a basic balance of international payments; synchronization of residents' income and economic growth; a decrease in energy consumption per unit of GDP by over 3.4%, and a continued reduction in the discharge of major pollutants. 2. Further reduce steel production capacity by about 50 million tons This year, steel production capacity will be further reduced by about 50 million tons, and coal production capacity will be exited by over 150 million tons. At the same time, over 50 million kilowatts of coal-fired power capacity will be eliminated, suspended, or delayed to prevent and resolve the risk of overcapacity in coal power, improve the efficiency of the coal power industry, and make room for the development of clean energy. Strictly implement relevant laws, regulations, and standards related to environmental protection, energy consumption, quality, and safety, more effectively use market-oriented and legal means to deal with "zombie enterprises," promote mergers and reorganizations, and bankruptcy liquidation of enterprises, resolutely eliminate backward production capacity that does not meet standards, and strictly control new production capacity in overcapacity industries. Capacity reduction must ensure proper placement of workers, with central financial special reward and subsidy funds to be allocated in a timely manner, and local governments and enterprises must implement relevant funds and measures to ensure that displaced workers have job opportunities and life security. 3. Complete the renovation of 6 million housing units in shantytowns this year Currently, tens of millions of people in urban areas live in poor conditions in shantytowns, and renovations must continue. This year, 6 million housing units in shantytowns will be renovated, continue to develop public rental housing, increase the proportion of monetary compensation according to local conditions, strengthen the construction of supporting facilities and public services, allowing more families with housing difficulties to leave shantytowns and create new lives in suitable housing. 4. This year, complete railway construction investments of 800 billion yuan This year, railway construction investments of 800 billion yuan and highway and waterway investments of 1.8 trillion yuan will be completed, and 15 major water conservancy projects will be started. Continue to strengthen the construction of major projects such as rail transit, civil aviation, and telecommunications infrastructure. The central budget investment is arranged at 507.6 billion yuan. Implement and improve policies and measures to promote private investment. Deepen cooperation between the government and social capital, improve relevant preferential policies such as pricing and taxes, and the government must lead by example in maintaining integrity, never arbitrarily changing agreements, and must not "new officials ignore old accounts." 5. Build over 2,000 kilometers of urban underground comprehensive pipelines again Coordinate urban above-ground and underground construction, and start the construction of over 2,000 kilometers of urban underground comprehensive pipelines, initiate a three-year action plan to eliminate key waterlogging areas in urban areas, and promote the construction of sponge cities, making cities not only have "appearance" but also "substance." 6. In 2017, further reduce enterprise-related fees by about 200 billion yuan This year, the deficit rate is planned to be arranged at 3%, with a fiscal deficit of 2.38 trillion yuan, an increase of 200 billion yuan compared to last year. Among them, the central fiscal deficit is 1.55 trillion yuan, and the local fiscal deficit is 830 billion yuan. Arrange local special bonds of 800 billion yuan, and continue to issue local government replacement bonds. This year's deficit rate remains unchanged, mainly to further reduce taxes and fees, with an annual reduction of about 350 billion yuan in enterprise tax burdens and about 200 billion yuan in enterprise-related fees, ensuring that market entities have a tangible experience. 7. Strict environmental law enforcement and supervision accountability Firmly fight the battle for blue skies. This year, emissions of sulfur dioxide and nitrogen oxides are to be reduced by 3% respectively, and the concentration of fine particulate matter (PM2.5) in key areas is to be significantly reduced. Fully promote pollution source governance. Carry out special actions for pollution control in key industries. Implement 24-hour online monitoring for all key industrial pollution sources. Clearly define the final compliance deadline for enterprises that do not meet emission standards, and those that do not meet standards by the deadline will be resolutely shut down according to law. Effectively respond to heavy pollution weather. Strengthen research on the formation mechanism of smog, improving the scientific and precise response. Expand the scope of joint prevention and control in key areas and strengthen emergency measures. Strictly enforce environmental laws and supervision accountability. Those who illegally discharge or falsify must be severely punished; those who fail to enforce the law or condone must be held accountable; those who worsen air quality and fail to respond must be strictly held accountable. Everyone is responsible for smog governance, and action is key to persistence. 8. Reduce fees to lighten the burden on enterprises The numerous fees have placed a heavy burden on many enterprises, and non-tax burdens must be significantly reduced. First, comprehensively clean up and standardize government funds, cancel funds such as urban public utility surcharges, and authorize local governments to autonomously reduce or exempt some funds. Second, cancel or suspend 35 central administrative fees related to enterprises, reducing the number of fee items by more than half, and the retained items should have their fee standards lowered as much as possible. Localities should also reduce administrative fees related to enterprises. Third, reduce government-set operational fees related to enterprises, clean up and cancel illegal fees for administrative approval intermediary services, promote the reduction of operational fees in finance, railway freight, and other fields, and strengthen the regulation of market-adjusted operational service fees. Fourth, continue to appropriately lower the contribution rates related to the "five insurances and one fund." Fifth, through deepening reforms and improving policies, reduce the institutional transaction costs for enterprises, and lower costs for energy use, logistics, etc. All relevant departments and units should prioritize the greater good over small profits, allowing enterprises to lighten their burdens and create conditions for forming new competitive advantages in China. 9. Prioritize reducing enterprise leverage As the leverage ratio of non-financial enterprises in China is relatively high, this is related to the high savings rate and a financing structure dominated by credit. Under the premise of controlling the overall leverage ratio, reducing enterprise leverage must be prioritized. Promote enterprises to revitalize existing assets, advance asset securitization, support market-oriented and legal debt-to-equity swaps, increase equity financing efforts, strengthen financial leverage constraints on enterprises, especially state-owned enterprises, and gradually reduce enterprise liabilities to a reasonable level. 10. Fully implement the pilot policy of replacing business tax with value-added tax Simplify the value-added tax rate structure, reducing from four tax rates to three this year, creating a simple, transparent, and fair tax environment, further reducing the tax burden on enterprises. Promote the reform of the division of fiscal powers and expenditure responsibilities between the central and local governments, accelerate the formulation of a general plan for revenue division, improve the local tax system, and standardize local government borrowing behavior. Deepen the public disclosure of government budgets and final accounts, forcing the revitalization of idle funds, improving the efficiency of fund use, ensuring that every penny is spent transparently and effectively. 11. Promote the development of the Chinese economy into a quality era Widely carry out quality improvement actions, strengthen comprehensive quality management, and establish a competitive mechanism for quality elimination and survival. The soul of quality lies in craftsmanship. We must vigorously promote the spirit of craftsmanship, cultivate a culture of craftsmanship, adhere to professional ethics, advocate for excellence, cultivate many "Chinese craftsmen," create more world-renowned "Chinese brands," and promote the development of the Chinese economy into a quality era. 12. Deepen international capacity cooperation to promote the export of China's equipment and technology Solidly advance the construction of the "Belt and Road" initiative. Adhere to joint consultation, construction, and sharing, accelerate the construction of land economic corridors and maritime cooperation hubs, and establish a cooperative mechanism for major customs along the route. Deepen international capacity cooperation, promote the export of China's equipment, technology, standards, and services, and achieve complementary advantages. Strengthen exchanges and cooperation in education, culture, tourism, and other fields. Successfully hold the "Belt and Road" International Cooperation Summit Forum, composing a new chapter of cooperation and win-win.