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October 22, 2009

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Home » Business » Economy

China's growth 'consolidated'

CHINA'S economic and social development was better than expected, with a "consolidated" growth recovery, the government said yesterday.

China has reversed the downward trend in economic growth thanks to the timely and full implementation and continuous enrichment of the government's economic stimulus package and other policies to address the global financial crisis, said a statement issued after an executive meeting of the State Council, China's Cabinet, chaired by Premier Wen Jiabao yesterday.

The country's quarterly economic growth accelerated in the first three quarters of this year and the contribution of domestic demand to economic growth was enhanced, it said.

China's economy grew 6.1 percent year on year in the first quarter of this year and 7.9 percent in the second. Economic data for the third quarter were due for release today.

The country was actively promoting industrial restructuring as well as energy conservation and emission reduction, and had done well in optimizing demand structure, improving people's livelihood and boosting urban employment, according to the statement.

A key point of China's macro-regulation in the remaining months of this year would be to balance the tasks of ensuring a stable and relatively fast economic growth, adjusting economic structure and regulating inflation prospects, the statement said.

The country would continue the proactive fiscal policy and moderately easy monetary policy, and maintain continuity and stability in its macro-economic policy, it said.

The statement said the country's economic and social development was in a critical period of stabilization and moving upward. The government should take into consideration all difficulties and make ample preparations for all possible challenges, it said.


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