BEIJING, Jan. 10 (Xinhua) -- China greeted the new
year with a promising economy, improving people's livelihood and a stable
society, a hard earned achievement in the face of the worst global economic
depression since the World War II.
On the first day of 2010, Chinese President Hu Jintao
paid a visit to a small village in northern Hebei Province.
Hu Jintao (C, front), Chinese President,
general secretary of the Central Committee of the Communist Party of China
(CPC) and chairman of the Central Military Commission, shakes hands with a
family member of villager Zhang Futai during an inspection tour at a
village of Liqizhuang Town, Sanhe City, north China's Hebei Province, on
Jan. 1, 2010. Hu Jintao made the inspection tour in Sanhe City on Friday.
(Xinhua Photo) Photo Gallery>>>
He went there not only to convey New Year greetings
to common people, but also to investigate how to sustain stable and relatively
fast economic growth after China survived the impact of the crisis that struck
even the world's most powerful economies.
Under a leadership with determination and foresight
and with joint efforts of the nation, the country's economy has withstood the
toughest test in this century.
Be PREPARED FOR DANGER,
ACT QUICKLY
China has been prepared for possible dangers even at
the most peaceful moment.
On June 13, 2008, Hu told a meeting of senior leaders
of the central authorities and senior officials of central and local governments
that the country should fully understand the problems and challenges it would
face and prepare for possible difficulties.
At that time, the world economy was shadowed by the
deepening subprime lending crisis in the United States.
In September
2008, following the filing for bankruptcy protection by Lehman Brothers, the
fourth largest investment bank in the U.S. with a history of 158 years, the
financial crisis began to spread quickly across the world.
Closely related with the developed economies through
its high reliance on foreign trade, the Chinese economy also felt the impact
from the crisis.
Export growth slowed down, some factories were closed
and workers went home as fewer orders came.
The central government responded with preferential
duty policies, easing restrictions over bank loans, lowering transaction tax of
real estates and increasing credits for small and medium-sized enterprises.
The central authorities established a special team to
cope with the crisis.
On Nov. 6, 2008, China announced ten measures to
expand domestic consumption and boost economic growth and decided to adopt a
pro-active fiscal policy and moderately loose monetary policy, revealing a hike
in government investment aimed at bringing about 4 trillion yuan (579.71 billion
U.S. dollars) of investment in two years.
A month later, at the Central Economic Work
Conference that set the tone for economic policies in 2009, China drew
guidelines for addressing the global financial crisis -- it would expand
domestic consumption, accelerate transformation of its development pattern and
structural adjustment, deepen reforms in key sectors and links, improve the
level of opening up and improve people's livelihood …
Detailed policies followed one after another. The
central government issued plans to invigorate development of 10 industries
including steel, car making, textile and machinery, as well as several regional
development plans.
It also put forward preferential policies to
encourage sales of home appliance, cars and motorbikes in rural areas.
More government investment came to infrastructure,
scientific research and public service.
Although many decisions were made in Beijing, they
were based on collective wisdom.
Since the global financial crisis broke out, nine
members of the Standing Committee of the Political Bureau of the Communist Party
of China (CPC) Central Committee have visited various regions, especially the
worst-hit regions, talking with people from all walks of life, including
businessmen, workers, city residents and farmers.
In November 2008, Hu hold a meeting with
representatives of non-Communist parties, the business circle and persons
without party affiliation to solicit advice on how to cope with the crisis.
At the annual sessions of the National People's
Congress (NPC) and the National Committee of the Chinese People's Political
Consultative Conference (CPPCC) in March 2009, nine top leaders attended dozens
of discussions with legislators and political advisors.
As the policies and measures were implemented step by
step, the country's economic growth rebounded to 8.9 percent in the third
quarter of 2009, realizing a V-shape recovery.
