Hard work needed to meet economic goals
Print Edition
OFFICIALS must work hard to meet China’s fiscal revenue, investment and foreign trade targets as they are “very difficult to achieve,” the nation’s top economic planner told lawmakers yesterday.
Despite the steady performance of China’s economy in the first half of 2015 — its gross domestic product grew by the expected 7 percent — the economy is facing multiple domestic and international challenges, Xu Shaoshi, head of the National Development and Reform Commission, said during the ongoing bimonthly session of the top legislature.
While delivering a report to the session, Xu expressed confidence that China’s economy can maintain steady growth in the second half of 2015, and that the country can meet major annual targets including economic growth, employment, grain output, pollutant control and affordable housing.
China is dealing with uncertainty at home and abroad, with some sectors facing heightened difficulties and risks, Xu said, adding that the foundation for an improved economy was not solid enough.
Internationally, the global economy is growing slower than expected and faces new uncertainties, which pose an increasingly negative impact on the Chinese economy, said Xu.
China’s economy is still facing downward pressure, the market demand remains weak and enterprises face sluggish profits, he said, warning that potential risks remain.
To tackle these problems, the central government will continue a proactive fiscal policy and a prudent monetary stance, Xu said.
The government will actively develop private banks, support and standardize Internet finance and small-loan companies, he said, adding that there will be more efforts to cultivate an open, transparent, stable and healthy capital market.
China will continue to offer taxation and financial support to innovation, and give more preferential taxes to small businesses, he said, adding that more attention will also be given to defusing financial risks.
According to a report on the 2015 budget, also unveiled yesterday, central and local governments reported slower and “severe” fiscal revenue growth in the first seven months, due to factors such as economic slowdown and falling prices.
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