Hu Kaihong:

We will invite a reporter from the foreign press to take the final question. 

Reuters:

If there is no national economic growth target set for this year, how will local governments set their targets for local economic growth or fiscal expenditure? Thank you.

Huang Shouhong:

It seems that everyone is concerned about China's economic growth rate. Mr. Sun Guojun has just explained the situation. Normally, the economic growth rate serves as a comprehensive and fundamental indicator based on which arrangements will be made in many aspects. Therefore, it plays a vital role in guiding our efforts moving forward. However, due to the uncertainties this year, all parties have paid great attention to the economic situation before the session. Some suggested a specific target for economic growth should be set, with heated debates about the specific figure. There was also argument suggesting that no specific target should be set due to the current situation. As the question put it, without a specific national target for economic growth, local governments may lack references and basis in their work. Thus, those who advocate setting a growth target also make sense. As we all know, China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development. In this regard, we should treat the economic growth rate in an objective manner and shift away from the GDP-focused growth model. On the other hand, economic growth is important. Facing the current economic decline, we must fulfill our duties and prevent the economy from falling out of control. After all, our efforts to ensure employment and living standards must be underpinned by economic growth.

What should local governments and departments do without a specific GDP growth target as a quantitative indicator? The answer is to continue the work which needs to be done and focus on strengthening efforts to ensure stability on six fronts and maintain security in six areas. Not setting a specific target for economic growth will help ease the burden of local governments for solely pursuing high speed growth. In line with the plans of the CPC Central Committee and the State Council, local governments should concentrate on ensuring job security, basic living needs, and operations of market entities.

The growth rates and GDP figures are final results, rather than the direction of our development. We will not lose direction just because of a lack of growth target. Our direction is clear: In accordance with the decisions and plans of the CPC Central Committee with Comrade Xi Jinping at its core, we will apply the new development philosophy, pursue supply-side structural reform, and promote high-quality development. At present, our focus is to maintain security in the six areas. After the "Two Sessions," through serious discussions and deep speculation, we will share a higher degree of consensus, further clarify the direction of future work, and take actions in all aspects more consciously. Therefore, we will not lose direction without setting a GDP growth target. Thank you.

Hu Kaihong:

Today's press briefing is hereby concluded. Thank you to Mr. Huang and Mr. Sun. Thank you all.