Special Report: Global Financial
Crisis
BEIJING, Nov. 14 (Xinhua)
-- A senior Chinese planning official told reporters here on Friday that the
new 4 trillion yuan (586 billion U.S. dollars) economic stimulus package includes 1.18
trillion yuan from the central government through 2010.
Mu Hong, vice director of the National Development and Reform Commission (NDRC), said the agency would add 100 billion yuan of new investment during the fourth quarter.
The central government's investment, combined with that of businesses and local governments, would bring the total spending to 4 trillion yuan by the end of 2010, he said.
"The 4 trillion yuan is only part of the country's total investment. It is not the total," Mu said.
Officials have said that a "large part" of the total package was new money, but they have not provided specific figures.
The stimulus package was announced on Sunday amid rising concern about a sharp slowdown in the world's fourth-largest economy. China's gross domestic product grew 9 percent annually in the third quarter, down from 10.1 percent in the second quarter and 10.6 percent in the first quarter.
"To boost domestic demand has become the priority of current economic work," Mu told reporters. He added the package would stimulate both short- and long-term demand, as it would spur economic growth while transforming the type of growth.
Chinese shares jump 7.27% boosted by
economy stimulus package
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A woman smiles in a stock brokerage
house in Shanghai, east China, on Nov. 10, 2008. The benchmark Shanghai
Composite Index closed up 7.27 percent, or 127.09 points, to finish at
1,874.80. The Shenzhen index advanced 6.50 percent, or 374.03 points, to
close at 6,127.12 points after China unveiled a 4 trillion yuan (585.98
billion U.S. dollars) plan over the weekend to sustain its economy.
(Xinhua/Pei Xin)
Photo
Gallery>>> |
BEIJING, Nov. 10 (Xinhua) -- Chinese shares jumped 7.27 percent on Monday,
spurred by the country's 4 trillion yuan (585.98 billion U.S. dollars) plan to
boost the economy, which was unveiled over the weekend.
The country's government pledged on Sunday an active
fiscal policy and moderately easy monetary policies to revive fast but steady
economic growth by expanding domestic demand. Full story
China plans 10 major steps to spark
growth as fiscal, monetary policies ease
BEIJING, Nov. 9 (Xinhua) -- China will take 10 major steps
to stimulate domestic consumption and growth as it turns to an "active" fiscal
policy and "moderately easy" monetary policy, an executive meeting of the State
Council said on Sunday. Full story
China's 4 trillion yuan stimulus to
boost economy, domestic demand
BEIJING, Nov. 9 (Xinhua) -- China said on Sunday it will
loosen credit conditions, cut taxes and embark on a massive infrastructure
spending program in a wide-ranging effort to offset adverse global economic
conditions by boosting domestic demand.
This is a shift long advocated by analysts of the Chinese
economy and by some within the government. It comes amid indications that
economic growth, exports and various industries are slowing. Full story
China adopts "active" fiscal,
"moderately easy" monetary policies to boost
economy
BEIJING, Nov. 9
(Xinhua) -- China has decided to adopt active fiscal policy and moderately easy
monetary policies to boost fast but steady economic growth by expanding domestic
demand, according to an executive meeting of the State Council on Sunday.
It is estimated that investment into infrastructure,
social welfare and other key sectors will amount to four trillion yuan by the
end of 2010. Full story
China's VAT reform to shed corporate
tax burden by 120 bln yuan
BEIJING, Nov. 9 (Xinhua)-- China announced on Sunday it
would spread a reform of its value-added tax regime to all industries
nationwide, which could cut the tax burden on enterprises by 120 billion yuan
(about 17.6 billion U.S. dollars).
The reform would help encourage technological upgrading at
Chinese companies, said an executive meeting of the State Council, which also
put forward a stimulus package of 4 trillion yuan to be spent by the end of 2010
to expand domestic demand. Full story
China tries to revive economy despite
daunting challenges
BEIJING, Nov.
9 (Xinhua) -- Although China doesn't celebrate Christmas, Lou Qijun is one of
the many Chinese toy and gift manufacturers who anticipates a visit from Santa
Claus every year in the form of seasonal orders from the Europe and North
America.
Not so this year, says Lou, chairman of Yiwu Qiling Toys
Co. Ltd., a leading toy producer in east China's Yiwu City, Zhejiang Province,
after returning from the Canton Fair, the country's biggest trade show which
concluded on Thursday. Full story
