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Hu outlines economic growth plan

PRESIDENT Hu Jintao yesterday vowed to stick to proactive fiscal policy and moderately easy monetary policy in the second half of this year to sustain stable and relatively fast economic growth.

Hu made the remarks at a conference with leaders of the country's leading non-Communist parties in Beijing.

He said the economy was improving because of the stimulus packages the Chinese government rolled out to weather the global economic downturn, but that caution against risks should be strengthened.

Macroeconomic policies should be maintained to consolidate recovery and achieve the goal of 8 percent economic growth for this year, Hu said.

China's annual economic growth quickened to 7.9 percent in the second quarter of this year, mainly boosted by a 33.5 percent surge in fixed-asset investment. The figure compares with the 6.1 percent economic growth in the first quarter.

Hu called for thorough implementation of stimulus measures to expand domestic demand.

China is trying to boost domestic demand to offset falling exports because of slumping global demand.

Economic restructuring and innovation should be enhanced, Hu said.

He called for efforts to boost grain production and increase farmers' income through various channels.

Meanwhile, the Communist Party of China's Central Committee Political Bureau decided yesterday to convene the Fourth Plenary Session of the 17th CPC Central Committee in September in Beijing to discuss topics on improving Party building.

The decision was made at a meeting of the politburo, presided over by Hu, general secretary of the CPC Central Committee.

A statement from the meeting said the CPC had "constantly improved its art of leadership and governing capability and enhanced the ability of resisting corruption, guarding against degeneration and warding off risks" since the founding of the New China in 1949, and the initiation of the reform and opening-up drive in the late 1970s.

Ahead of the celebrations for the 60th anniversary of the founding of the People's Republic of China, it was important to "effectively deal with the impact of the international financial crisis and maintain a stable and relatively fast economic development," the statement said.

A series of central government policies to tackle the global economic downturn had proved to be effective despite the economic climate both home and abroad being "complicated and grim," it said.

The agricultural sectors and the rural economy were growing in a stable manner and industrial production in the nation had regained its momentum to achieve growth, the statement said.

However, the economic growth faces challenges, however, with economic recovery not stable, according to the statement.


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