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Party set to boost investment

THE Communist Party of China said yesterday that the country will launch a comprehensive economic package to tackle the "austere and complicated" year ahead.

"We will increase large-scale government investment, implement and readjust a plan to revive industries, make great efforts to boost innovation and greatly enhance the level of social security," the Political Bureau of the CPC Central Committee said in a post-meeting news release.

The meeting was presided over by Hu Jintao, general secretary of the CPC Central Committee.

The Political Bureau warned that 2009 would be the most difficult year for China's economic development so far this century as "it is crucial for implementing the 11th Five-Year Plan (2006-2010)."

Last year was "a very extraordinary year," as China experienced serious challenges and tests in economic and social development, and made great achievements in the country's reform, opening-up and socialist modernization drive, the news release said.

Efforts should be made to raise domestic demand, change the development mode, accelerate the strategic readjustment of the economic structure, deepen reforms, and improve living standards and promote social harmony, it added.


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