NPC,  CPPCC Annual Sessions 2009

Chinese Premier Wen Jiabao answers questions during a press conference after the closing meeting of the Second Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 13, 2009. The annual NPC session closed on Friday. (Xinhua Photo) Photo Gallery>>>

    BEIJING, March 13 (Xinhua) -- Premier Wen Jiabao said here Friday that China's stimulus package plan was not fully understood by the world

    "Rumors and misunderstanding set the world stock market on a roller coaster ride," Wen told reporters after the National People's Congress closed its annual session.

    China has announced a 4 trillion-yuan (585 billion U.S. dollars) two-year economic stimulus package to boost growth and domestic demand, 1.18 trillion yuan of which will be funded by the central government.

    The stimulus package plan has four major components, including large-scale government spending, industrial restructuring and rejuvenation, scientific research and social safety net.

    Wen said large-scale government spending is the most direct, powerful and effective measure (to boost domestic consumption) and the 1.18 trillion yuan from the central government is new investment.

    Wen said the 1.18 trillion-yuan central government investment include projects concerning people's well being, technology upgrading, environmental protection and major infrastructure projects.

    Other projects, including the 600 billion-yuan tax cut, old-age pension increase for enterprise retirees, salary increase to 12 million teachers, subsidies to farmers as well as an 850 billion-yuan three-year investment in health care reform were not included in the 4 trillion-yuan stimulus package, Wen said.

After massive stimulus, a long way to go for China


BEIJING, March 12 (Xinhua) -- China's massive stimulus package seems to be taking effect as latest figures show domestic investment and consumption somewhat eased export woes. But when coming to re-balancing the Chinese economy, it's not enough.

While China can jump-start the economy with hefty government investment, it should be more aggressive in speeding up its long-needed shift of growth model to consumption and services, economists say.

China planner offers details on 4 trln yuan stimulus package


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.

Officials brief on boosting domestic demand 

Minister of Commerce Chen Deming, Minister of Industry and Information Technology Li Yizhong and Minister of Human Resources and Social Security Yin Weimin attended a press conference on "Boost domestic demand, increase employment and sustain economic growth" held by the Second Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing on March 10.

Commentary: China's economic growth significant for world economy

BEIJING, March 4 (Xinhua) -- Chinese lawmakers and political advisors will consider measures to attain the targeted 8 percent economic growth at the annual sessions of the country's top legislature and political advisory body.

The event is drawing particular attention as China's key role on the international economic stage has been further highlighted due to the current world financial crisis. Whether China can maintain a relatively fast economic growth is of particular importance to the world economy.