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Wen tells forum economy is in 'good shape'
Source: Xinhua |
September 12, 2012, Wednesday
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Print Edition
Print Edition
Premier Wen Jiabao says China's economy is expected to further stabilize as recent measures on tax cuts, the reserve requirement ratio, investment, infrastructure and trade facilitation take effect.
"Macroeconomic indicators show that China's economic and social development is in good shape," Wen said when addressing the opening ceremony of the Summer Davos Forum in northern China's port city of Tianjin yesterday.
"The speed of growth is still within the target range set at the start of the year, and although growth is slowing down, it is being more stable. As the recent measures have been implemented and taken effect, we expect the economy to further stabilize," said Wen.
The three-day forum, "Creating the Future Economy," has attracted about 1,610 delegates from around the world.
This year, Wen said, the international political and economic situation remained complicated, and brought more difficulties for China's economic development.
In line with the requirement of making progress while maintaining stability, China has strengthened and improved macro-regulation, followed a proactive fiscal policy and a prudent monetary policy, and made policies more forward-looking, targeted and flexible, he said.
Wen outlined a host of policy measures taken by the government since May, including stepping up structural tax cuts, lowering the reserve requirement ratio, cutting the benchmark deposit and lending rates twice, supporting enterprises undertaking technological upgrading, and actively expanding imports.
"All these measures have helped boost market confidence and promote steady economic growth," said Wen.
Meanwhile, Wen dismissed accusations concerning China's 4 trillion yuan (US$631 billion) stimulus package unveiled in 2008 in response to the global financial crisis.
Responding to suggestions that China had paid an "undue price" during the execution of the package, he said: "I want to make it clear here that it was exactly due to our resolute decision and scientific response that China was able to avoid factory closures, job losses and the return of migrant workers to their home villages (from jobs in cities)."
The premier told the forum that, after the financial crisis broke out, China fully implemented its plan to boost economic growth, improve people's livelihoods, overcome current difficulties and pursue long-term development. Thanks to these efforts, China swiftly achieved an economic upturn and promoted world economic recovery, he said.
"Macroeconomic indicators show that China's economic and social development is in good shape," Wen said when addressing the opening ceremony of the Summer Davos Forum in northern China's port city of Tianjin yesterday.
"The speed of growth is still within the target range set at the start of the year, and although growth is slowing down, it is being more stable. As the recent measures have been implemented and taken effect, we expect the economy to further stabilize," said Wen.
The three-day forum, "Creating the Future Economy," has attracted about 1,610 delegates from around the world.
This year, Wen said, the international political and economic situation remained complicated, and brought more difficulties for China's economic development.
In line with the requirement of making progress while maintaining stability, China has strengthened and improved macro-regulation, followed a proactive fiscal policy and a prudent monetary policy, and made policies more forward-looking, targeted and flexible, he said.
Wen outlined a host of policy measures taken by the government since May, including stepping up structural tax cuts, lowering the reserve requirement ratio, cutting the benchmark deposit and lending rates twice, supporting enterprises undertaking technological upgrading, and actively expanding imports.
"All these measures have helped boost market confidence and promote steady economic growth," said Wen.
Meanwhile, Wen dismissed accusations concerning China's 4 trillion yuan (US$631 billion) stimulus package unveiled in 2008 in response to the global financial crisis.
Responding to suggestions that China had paid an "undue price" during the execution of the package, he said: "I want to make it clear here that it was exactly due to our resolute decision and scientific response that China was able to avoid factory closures, job losses and the return of migrant workers to their home villages (from jobs in cities)."
The premier told the forum that, after the financial crisis broke out, China fully implemented its plan to boost economic growth, improve people's livelihoods, overcome current difficulties and pursue long-term development. Thanks to these efforts, China swiftly achieved an economic upturn and promoted world economic recovery, he said.
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