BEIJING, Nov. 27 (Xinhua) -- China's total social
investment is predicted to reach 18 trillion yuan (2.64 trillion U.S. dollars)
in 2009, the National Development and Reform Committee (NDRC), the country's top
economic planner, announced here on Thursday.
"China's total social investment exceeded 13 trillion
yuan in 2007 and is expected to top 16 trillion yuan this year," said NDRC head
Zhang Ping. "The 4 trillion stimulus package is only part of the whole picture."
Zhang said the central stimulus package was roughly
divided into seven parts, with 1.8 trillion yuan going towards large-scale
infrastructure projects such as railways, roads, airports and the national grid.
Areas most affected by the May 12 earthquake in the
southwestern Sichuan Province will get 1 trillion yuan for reconstruction.
The rest of the stimulus money will be spent on
affordable housing, rural welfare, infrastructure, medical and cultural
development, environmental protection and industrial restructuring.
Next year's total social investment will have the same
focus as the central plan, which involves improving living standards and
promoting rural development, according to Zhang.
Media reports on Nov. 25 said 24 of China's 33 provinces
have issued local investment plans for the next two to five years, with
the southern Yunnan Province taking the lead by 3 trillion yuan planned for
five years.
The total figure was estimated to climb near 18
trillion yuan, almost equal to the NDRC prediction for next year's social
investment, arousing concerns that the "investment rush" could lead to
overlapping projects.
While welcoming provincial governments' participation
in boosting domestic demand, Zhang said the NDRC would impose a strict review
and approval procedure on all projects submitted by local economic planners.
"Only those projects in accordance with the national
development plan will be considered," he stressed.
The NDRC will give priority to local construction
plans that focus on industrial restructuring, raising living standards and
environmental improvement, according to Zhang.
"We will closely examine provincial projects and make
sure to stamp out potential duplication," Zhang added.
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.
A stimulus package estimated at 4 trillion yuan
(about 570 billion U.S. dollars) will be spent over the next two years to
finance programs in 10 major areas, such as low-income housing, rural
infrastructure, water, electricity, transportation, the environment,
technological innovation and rebuilding from several disasters, most notably the
May 12 earthquake.
The policies include a comprehensive reform in
value-added taxes, which would cut industry costs by 120 billion yuan. Full story
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
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). Full story
SAO PAULO, Nov. 8
(Xinhua) -- China will help stabilize international financial markets by
maintaining its economic growth and expanding domestic demand, Zhou Xiaochuan,
governor of China's central bank, said here Saturday.
The People's Bank of China is closely following the
situation in international financial markets to make its policies on further
readjustment of interest rate, he said. Full story
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
BEIJING, Oct. 31 (Xinhua)
-- China's decision to cut interest rates on Thursday is part of its flexible
monetary policy to cope with the world financial crisis and boost domestic
economy, a central bank spokesman said on Friday.
Li Chao, spokesman of the People's Bank of China (PBOC)
explained the government's cut in interest rates for the second time in one
month. Full story
BEIJING, Nov. 3 (Xinhua) -- China should pursue a stable monetary policy in the
face of risks from both inflation and falling prices, as it is not urgent to cut
interest rates, the China Securities Journal quoted a former banker as saying on
Monday.
Wu Xiaoling, former deputy governor of the People's Bank
of China, the country's central bank, said over the weekend that fiscal policies
and other policies were of more importance than monetary policies to maintain
the stability of the country's economy amid the current complicated situation
both at home and abroad. Full story
BEIJING, Nov. 2 (Xinhua) -- China's economy is
in good shape despite the changing economic environment, and it will maintain
stable and relatively fast growth, National Bureau of Statistics (NBS) chief Ma
Jiantang told Xinhua on Sunday.
"The fundamentals of China's economy remain unchanged
despite the changing world economic environment," the new NBS director said. "We
should be confident about the country's economic outlook." Full story
BEIJING, Nov. 2 (Xinhua) -- China's gross domestic product (GDP) growth is
expected to slow to 9.4 percent in 2008 from last year's 11.4 percent as the
shrinking exports will cool the world's fourth largest economy, according to a
Chinese credit rating agency report on Sunday.
The fundamentals of the economy are sound, but falling
export orders would take a toll on the national economy in the short term, and
domestic consumption needed time to play a bigger role, said the report released
by the China Chengxin International Credit Rating Co. (CCXI), a joint venture of
China's first rating agency China Chengxin Credit Management Co. Ltd. and
U.S.-based Moody's Corporation. Full story
BEIJING, Nov. 1 (Xinhua) -- In the space of a year, Yang
Chanjuan's career plan has changed direction. A soon-to-graduate college student
in economics, Yang is feeling her fortunes being buffeted by the financial
crisis.
Yang was recently told by her schoolmates already working
in the financial sector that their companies would cut staff, or there would no
bonus this year. Amid the turmoil and full of uncertainty, a job in banking or
securities company was no longer desirable to her. As a result, she decided to
apply for a government job. Full story
