Report lists steps to expand economy in H2
Print Edition
China will work to ensure quality and steady economic growth in the second half of 2013 by boosting demand, industrial upgrading and reforms, according to a government report.
The implementation of China’s economic and social development plan to lift the quality and efficiency of economic development will remain a “central task” in the second half of the year, said the report by the State Council, China’s Cabinet.
The report, submitted yesterday to the current session of the National People’s Congress Standing Committee for deliberation, said the country will maintain the consistency and stability of its macro-economic policies and continue to implement a proactive fiscal policy and a prudent monetary policy.
China’s economic growth, which was boosted by strong domestic demand in the first six months of the year, was higher than expected, said Xu Shaoshi, head of the National Development and Reform Commission, the top economic planner, who delivered the report on behalf of the State Council.
In the first half of the year, China’s economic growth hit 7.6 percent, higher than the 7.5 percent target, he said.
Meanwhile, China saw a “moderate and controllable” rise in the Consumer Price Index, a main gauge of inflation, and the job market was “generally stable,” he said.
But Xu admitted China faces “a grave situation” to ensure steady economic growth.
The country’s growth is not only hampered by the sluggish recovery of the global economy, but challenged by rising trade and investment protectionism against China, he said.
Fifteen countries and regions launched 39 probes on Chinese products from January to June, according to the report.
To offset the impact of shrinking global demand, China will encourage its population to spend, the report said.
The government will foster new growth areas in the service industry that include nursing, tourism and health care and beef up measures to protect consumers’ interests by cracking down on shoddy products.
At the session, legislators are studying changes to the consumer rights law, which will require unconditional returns of purchased goods and impose hefty punishment for false advertising.
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