Wen promises strong growth in crucial year
Source: Agencies/Shanghai Daily |
March 6, 2010, Saturday
|
Print Edition
Print Edition
Premier Wen Jiabao promised yesterday strong growth this year and said the government will combat inflation and risks to banks to keep the rebound in the world's third-largest economy on track.
In a government work report to China's legislature, Wen announced a growth target of 8 percent in a "crucial year" for recovery.
The premier said China would maintain an appropriately easy monetary stance and an active fiscal policy because the basis of renewed global growth is still weak.
The government will seek to heal social rifts and spur home-driven growth with more public welfare, Wen told the annual session of the National People's Congress, which opened in Beijing yesterday.
Wen said that China's economy faced a clouded international outlook in 2010 and would stick to a steady policy course.
"We must not interpret the economic turnaround as a fundamental improvement in the economic situation," Wen said.
Speaking to the more than 5,000 law makers and political advisors gathered in the Great Hall of the People in Beijing, Wen unveiled increases in spending for China's poorer citizens and 700-million strong farming population.
He said improvements in social welfare, health care and rural services were needed to secure the health development of the nation's economy.
More domestically driven growth, fueled by consumers increasingly confident about their health, incomes and welfare protection, was needed to keep the economy growing at a solid pace, he said.
Wen said China was targeting an inflation rate of about 3 percent.
He announced increases of 8.8 percent on social spending and 12.8 percent on rural outlays -- more than the rise of 7.5 percent in the military budget -- to narrow the yawning wealth gap that economists blame for dampening domestic consumption.
"We will continue to give preference to agriculture, farmers and rural areas, and to improving people's well-being and developing social programs," said Wen.
The budget deficit will again be kept below 3 percent of national income, Wen said.
In a government work report to China's legislature, Wen announced a growth target of 8 percent in a "crucial year" for recovery.
The premier said China would maintain an appropriately easy monetary stance and an active fiscal policy because the basis of renewed global growth is still weak.
The government will seek to heal social rifts and spur home-driven growth with more public welfare, Wen told the annual session of the National People's Congress, which opened in Beijing yesterday.
Wen said that China's economy faced a clouded international outlook in 2010 and would stick to a steady policy course.
"We must not interpret the economic turnaround as a fundamental improvement in the economic situation," Wen said.
Speaking to the more than 5,000 law makers and political advisors gathered in the Great Hall of the People in Beijing, Wen unveiled increases in spending for China's poorer citizens and 700-million strong farming population.
He said improvements in social welfare, health care and rural services were needed to secure the health development of the nation's economy.
More domestically driven growth, fueled by consumers increasingly confident about their health, incomes and welfare protection, was needed to keep the economy growing at a solid pace, he said.
Wen said China was targeting an inflation rate of about 3 percent.
He announced increases of 8.8 percent on social spending and 12.8 percent on rural outlays -- more than the rise of 7.5 percent in the military budget -- to narrow the yawning wealth gap that economists blame for dampening domestic consumption.
"We will continue to give preference to agriculture, farmers and rural areas, and to improving people's well-being and developing social programs," said Wen.
The budget deficit will again be kept below 3 percent of national income, Wen said.
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