China maintains stabilizing growth the nation's top economic priority
By Feng Jianmin |
August 1, 2012, Wednesday
|
Print Edition
Print Edition
CHINA yesterday reaffirmed its stance of maintaining stable growth as the top economic priority, pledging adherence to proactive fiscal policy and prudent monetary policy to weather the current hardships.
The ongoing pace of economic growth is within expectations, but the external environment remains grim and poses difficulties and challenges to growth, according to a newsletter released after a meeting of the Political Bureau of the Communist Party of China Central Committee, which was presided over by President Hu Jintao yesterday.
"We should observe the problems and risks, strengthen risk-awareness and make good preparations, while noting that economic growth is sound," the newsletter said.
Premier Wen Jiabao also pledged to step up the "fine-tuning" of economic policies over the next few months to sustain economic expansion after growth showed signs of stabilizing in May and June, Xinhua news agency reported yesterday, quoting details of a meeting last Thursday. The policy mix will include further tax cuts for selected industries, support for smaller and private companies and the ensuring of steady credit growth.
"The economy is stable overall ... after timely pre-adjusting and fine-tuning of policies, economic growth has shown a stabilizing trend in May and June amid the slowdown," Wen said.
He noted that it will be difficult to boost external demand this year as weak global economic growth may continue. The top priority for the central government is to stabilize growth.
Last week, the State Council announced the expansion of a value-added tax reform to 10 cities and provinces this year to streamline tax in selected service sectors, including transport.
Wen also stressed the central government would stick to property tightening to prevent housing prices from rebounding. More policies would be unveiled to spur private investment, he added.
The State Council, China's Cabinet, sent eight teams late last month to Shanghai and 15 other provincial areas to supervise the implementation of home purchase restrictions, differentiated credit and tax policies, and the supply and management of residential land.
The ongoing pace of economic growth is within expectations, but the external environment remains grim and poses difficulties and challenges to growth, according to a newsletter released after a meeting of the Political Bureau of the Communist Party of China Central Committee, which was presided over by President Hu Jintao yesterday.
"We should observe the problems and risks, strengthen risk-awareness and make good preparations, while noting that economic growth is sound," the newsletter said.
Premier Wen Jiabao also pledged to step up the "fine-tuning" of economic policies over the next few months to sustain economic expansion after growth showed signs of stabilizing in May and June, Xinhua news agency reported yesterday, quoting details of a meeting last Thursday. The policy mix will include further tax cuts for selected industries, support for smaller and private companies and the ensuring of steady credit growth.
"The economy is stable overall ... after timely pre-adjusting and fine-tuning of policies, economic growth has shown a stabilizing trend in May and June amid the slowdown," Wen said.
He noted that it will be difficult to boost external demand this year as weak global economic growth may continue. The top priority for the central government is to stabilize growth.
Last week, the State Council announced the expansion of a value-added tax reform to 10 cities and provinces this year to streamline tax in selected service sectors, including transport.
Wen also stressed the central government would stick to property tightening to prevent housing prices from rebounding. More policies would be unveiled to spur private investment, he added.
The State Council, China's Cabinet, sent eight teams late last month to Shanghai and 15 other provincial areas to supervise the implementation of home purchase restrictions, differentiated credit and tax policies, and the supply and management of residential land.
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