China has set its consumer inflation target at around 3.5 percent for the year of 2020, according to a government work report submitted to the national legislature for deliberation on Friday.

China's economy posted negative growth in the first quarter of this year, but it was "a price worth paying" to contain COVID-19 as life is invaluable.

China will prioritize stabilizing employment and ensuring people's livelihood this year, aiming to create more than 9 million new urban jobs.

China will redouble its efforts to minimize the losses resulting from COVID-19 and fulfill the targets and tasks for economic and social development this year.

China will work to ensure achieving the development goals of winning the battle against poverty and completing the building of a moderately prosperous society in all respects this year, though setting no specific economic growth target for 2020.

China is keenly aware of the difficulties and problems it faces while recognizing the achievements.

China plans to issue 1 trillion yuan (US$141 billion) of government bonds for COVID-19 control.

China will ensure the elimination of poverty among all rural residents living below the current poverty line and in all poor counties this year.

Governments at all levels should tighten their belts while the central government should take the lead by committing to negative growth in its budgetary spending.

China's deficit-to-GDP ratio this year is projected at more than 3.6 percent, according to the report.

The ratio was 0.8 percentage points higher than that of last year.

The deficit increase is projected at 1 trillion yuan over last year, said the report.

China will increase financial support to keep business operations stable, according to the report.

Large commercial banks should increase inclusive finance lending to micro and small businesses by more than 40 percent, said the report.

China will pursue a prudent monetary policy in a more flexible and appropriate way.

China will spare no efforts in its regular prevention and control of COVID-19, nor will it lose any time in advancing its economic and social development agenda.

China aims to reduce corporate burden by more than 2.5 trillion yuan throughout the year.

China will continue to foster an enabling environment for the development of the private sector and ensure private businesses have equal access to production factors and policy support, according to the report.

The country will review relevant regulations to abolish those that unfairly differentiate enterprises according to ownership forms.

Deadlines will be set for government bodies to make overdue payments owed to private and small and medium-sized businesses, said the report.

China will work to improve the consumption willingness and capabilities of domestic residents and support the recovery and development of consumer service sectors.

China aims to expand effective investment with priority given to new infrastructure, new urbanization initiatives and major projects.

China will fully advance Internet Plus initiatives across the board and create new competitive strengths in the digital economy.

Permanent urban residents exceeded 60 percent of the Chinese population for the first time last year.

China will implement a package of policies to support the development of epidemic-hit Hubei Province, according to the report.

The policies will help ensure employment, public well-being and normal operations, and facilitate the full recovery of economic and social activities in Hubei.