SCIO briefing on government work report

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It is mentioned in the work report that the consumer price index (CPI) will rise by around 3% this year, followed by a steady increase in people's income. Can you explain how the steady increase in income will be achieved and to what extent our income will have to increase in order to catch up with the 3% increase in consumer prices? Thank you.

Sun Guojun:

Thank you for your questions. The CPI is directly related to everyone's daily life, and affects the basic wellbeing of the people. Keeping the CPI generally stable is an important objective of macroeconomic regulation and control, and an important sign that economic operation remains within a reasonable range. Last year, China's CPI rose by 2.5%, which was significantly lower than the expected target of around 3.5%.

This year, taking into account the carry-over effects and new price increases, the expected target for the rise in the CPI was set at around 3%, a downward adjustment from last year's expected target, indicating that the Chinese government is confident that the CPI will be controlled at a relatively low level. Food prices account for a high percentage of the CPI. In recent years, China has scored consecutive bumper harvests, so the supply of agricultural products has been guaranteed. This, coupled with the basic recovery of hog production capacity, is conducive to keeping prices stable.

This year's government report sets a target of steady growth in personal income. To increase people's income, the prerequisite is to achieve relatively full employment and strive to keep the growth of people's income basically in line with economic growth. At the same time, efforts should be made to raise the incomes of low-income groups, expand middle-income groups and promote common prosperity. Thank you.

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