China's top economic planners explain economic stimulus measures
www.chinaview.cn 2008-12-09 18:20:59   Print

Special Report: Global Financial Crisis   

°§NDRC said priority would be given to projects improving people's livelihood.
°§Infrastructural construction will also be put on top of the development agenda.
°§The government will also try to make sure the 4 trillion yuan is being spent correctly.

°°  BEIJING, Dec. 9 (Xinhua) -- China will try to distribute public resources to areas directly benefiting ordinary people, when carrying out the economic stimulus package announced on Nov. 9.

    The statement was made Tuesday by the National Development and Reform Commission (NDRC), the nation's top economic planning agency.

    The government will also try to make sure the 4 trillion yuan (586 billion U.S. dollars) is being spent correctly over the next two years, the NDRC noted.

    The agency said priority would be given to projects improving people's livelihood, including those in rural areas, housing projects for low-income earners in urban areas, and social undertakings.

    Thanks to the stimulus package, 7.5 billion yuan was added in the fourth quarter to the 2-billion-yuan investment earmarked earlier this year by the central government for low-rent housing projects in urban areas.

    Meanwhile, infrastructural construction, embracing railroads, highways and water conservancy projects, and biological conservation and environmental protection as well as post-disaster rebuilding, will also be put on top of the development agenda in the coming two years, according to NDRC.

    To avoid repetitive construction, environmental devastation and redundant production capacities, strict management should be exercised.

    That includes rigid implementation of industrial and environmental policies, market access criteria, along with policies related to land used for construction, environment assessment, energy conservation and emissions reduction.

    To prevent jerry-built projects and corruption, supervision should be intensified, accountability should be enforced and transparent and effective operation of related funds should be ensured, according to the NDRC.

    As for local investment supporting the central government's financial input, the economic planning agency said local projects should be in conformity with the principles of scientific and sustainable development and with the related policies worked out by the central government.

    Four trillion yuan is equivalent to one third of the nation's total fixed asset investment last year.

    Around 280 billion yuan will go to housing projects for low-income earners, about 370 billion yuan to rural infrastructure and projects to improve living standards of rural dwellers, some 40 billion yuan to healthcare, education and cultural undertakings, approximately 350 billion yuan to biological conservation and environmental protection, and 1 trillion yuan for post-disaster reconstruction projects.

    Besides, 1.8 trillion yuan will be used for building railroads, highways, airports and other transportation infrastructures. Another 160 billion yuan will pay for technical innovation and industrial restructuring.

China opens top economic work meeting with focus on stable growth

    BEIJING, Dec. 8 (Xinhua) -- China's annual Central Economic Work Conference opened here Monday to set tone for the economic development next year.

    Observers believed the three-day event would give priority to efforts to maintain stable economic growth. Full story

President Hu: China's economic development faces challenges

    BEIJING, Nov. 29 (Xinhua) -- Chinese President Hu Jintao warned on Saturday that the global financial turmoil will make it harder for China to maintain the pace of its economic development in the near future.

    China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development, said Hu when addressing members of the Political Bureau of the Communist Party of China (CPC) Central Committee. Full story

Vice President Xi: World financial crisis "to test Chinese leadership"

    GUANGZHOU, Dec. 4 (Xinhua) -- Vice President Xi Jinping on Thursday said keeping China's economy growing amid the global financial crisis would test the competence of government leaders.

    At a two-day meeting that started on Wednesday, attended by about 10 provincial leaders, Xi urged government officials to find ways to sustain steady, rapid economic growth.  Full story

Economic stimulus package to improve people's livelihood

    BEIJING, Dec. 8 (Xinhua) -- Unlike measures taken during the Asian financial crisis 11 years ago, more attention is focused on improving people's living standards in the Chinese government's recent 4 trillion yuan (584 billion U.S. dollars) economic stimulus package, experts said.

    The package, unveiled early last month, included 280 billion yuan in spending for low-income housing projects, 370 billion yuan for improving people's living standards and infrastructure in rural areas and 40 billion yuan for health and education programs.  Full story

Think tank: China economy to grow more than 9% in 2009

    BEIJING, Dec. 2 (Xinhua) -- Chinese economy is forecast to grow by more than 9 percent next year, according to an annual blue paper released by the Chinese Academy of Social Science on Tuesday.

    Despite the huge uncertainty in 2009, China could still achieve a 9-percent growth as long as it unveils timely and suitable macro-economic control measures to boost domestic demand, said the blue paper.  Full story

Editor: Deng Shasha
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