Wen calls for aggressive policy fine-tuning
Source: Xinhua |
July 9, 2012, Monday
|
Print Edition
Print Edition
CHINESE Premier Wen Jiabao has called for more aggressive efforts to preset and fine-tune fiscal policies, as economic pressures remain huge.
Speaking during an inspection tour of Jiangsu Province from Friday to yesterday, he said the economy is running at a generally stable pace, but there is still huge pressure for it to go downward.
The government should manage its policies more aggressively while sticking to pro-active and prudent monetary policies, according to Wen.
He said attention should be paid to improving structural tax reduction measures and resolving structural problems between credit supply and demand, and to make government policies more targeted, forward-looking and effective.
At a meeting held in the provincial capital of Nanjing yesterday, Wen said the government made a timely shift to pro-growth measures in April, and those are now working, with the economy moving toward stabilized growth albeit at a slower pace.
Domestic demand continues to act as a major driver of the nation's growth, which is still within the targeted range, he told the gathering of top officials from Liaoning, Jiangsu, Zhejiang, Anhui and Guangdong provinces.
The nation pared its gross domestic product growth target for 2012 to 7.5 percent from 8 percent in March, in the face of a persistent slump in the US and spreading debt woes in the European Union.
While stressing the role of domestic demand in future growth, Wen said the government should implement consumption-boosting measures adopted lately to help drive growth.
Stabilizing investment currently plays a key role in expanding inner demand and maintaining growth, the premier noted, adding that investment should be made in accordance with national medium and long-term development and serve the needs of urbanization, economic restructuring and people's well-being.
Dragged down by lackluster external demand and government efforts to cool inflation, first-quarter GDP growth slowed to an almost three-year low of 8.1 percent in the world's second-largest economy.
To buoy the economy, China has adopted a string of pro-growth measures, including lowering banks' reserve ratio to boost lending, subsidizing energy-saving household electrical appliances and speeding up approval for major construction projects.
Speaking during an inspection tour of Jiangsu Province from Friday to yesterday, he said the economy is running at a generally stable pace, but there is still huge pressure for it to go downward.
The government should manage its policies more aggressively while sticking to pro-active and prudent monetary policies, according to Wen.
He said attention should be paid to improving structural tax reduction measures and resolving structural problems between credit supply and demand, and to make government policies more targeted, forward-looking and effective.
At a meeting held in the provincial capital of Nanjing yesterday, Wen said the government made a timely shift to pro-growth measures in April, and those are now working, with the economy moving toward stabilized growth albeit at a slower pace.
Domestic demand continues to act as a major driver of the nation's growth, which is still within the targeted range, he told the gathering of top officials from Liaoning, Jiangsu, Zhejiang, Anhui and Guangdong provinces.
The nation pared its gross domestic product growth target for 2012 to 7.5 percent from 8 percent in March, in the face of a persistent slump in the US and spreading debt woes in the European Union.
While stressing the role of domestic demand in future growth, Wen said the government should implement consumption-boosting measures adopted lately to help drive growth.
Stabilizing investment currently plays a key role in expanding inner demand and maintaining growth, the premier noted, adding that investment should be made in accordance with national medium and long-term development and serve the needs of urbanization, economic restructuring and people's well-being.
Dragged down by lackluster external demand and government efforts to cool inflation, first-quarter GDP growth slowed to an almost three-year low of 8.1 percent in the world's second-largest economy.
To buoy the economy, China has adopted a string of pro-growth measures, including lowering banks' reserve ratio to boost lending, subsidizing energy-saving household electrical appliances and speeding up approval for major construction projects.
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