Full text: Report on China's economic, social development plan (2)

1. On the whole the economy operated steadily.

Downward pressure on economic growth increased considerably in early 2012. In response the central leadership sized up the situation, gave higher priority to ensuring steady growth, adopted a number of targeted measures, and yielded the desired results. Preliminary estimates suggest China's gross domestic product (GDP) amounted to 51.9322 trillion yuan, an increase of 7.8%, and 0.3 percentage points higher than the targeted figure. We followed a proactive fiscal policy and increased structural tax reductions, thereby ensuring spending on major areas including those related to the people's wellbeing. National revenue totaled 11.721 trillion yuan, an increase of 12.8%, and the fiscal deficit was 800 billion yuan. We followed a prudent monetary policy, maintained stable, reasonable growth in the money and credit supply, and increased support for key areas and weak links. We granted 8.2 trillion yuan in RMB loans for the year, 732 billion yuan more than the previous year. At the end of 2012, the balance of broad money supply (M2) rose 13.8%. We improved regulation of economic activities, and ensured stable and orderly supplies of coal, electricity, petroleum, gas, and transport. The performance of enterprises steadily picked up, and the profits of large industrial enterprises reached 5.5578 trillion yuan, an increase of 5.3% over the previous year.

Domestic demand played a leading role in achieving stable growth. We further enhanced people's ability to consume, cultivated new areas of high consumption, improved the consumption environment, and got consumption to be the main driving force behind economic growth. Retail sales of consumer goods totaled 21.0307 trillion yuan, an increase of 14.3%, and 0.3 percentage points higher than the target. Investment maintained stable growth, and the structure of investment was optimized. We launched a number of major projects laid out in the Twelfth Five-Year Plan, and accelerated development of infrastructure that has a bearing on people's lives. China's total fixed-asset investment amounted to 37.4676 trillion yuan, up 20.3%, and 4.3 percentage points higher than the target. This includes a 24.8% increase in nongovernmental investment, which accounted for 61.4% of the total fixed-asset investment, 2 percentage points higher from the previous year. Final consumption and capital formation contributed 51.8% and 50.4% to the economic growth, respectively.