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Wen Jiabao vows wise use of stimulus package
Chinese Premier Wen Jiabao has pledged the government will made wise use of the 4-trillion-yuan fund to stimulate the country's economy, though the situation remains tough for China to achieve an 8-percent growth rate.
Wen Jiabao made the remarks when delivering a government work report at the opening of the annual session of the National People's Congress, China's parliament, in Beijing on Thursday. Da Min has the details.
Report: In front of some 3,000 NPC deputies, Wen Jiabao devoted most of his 2-hour speech to the economy, starting with a summary of major policy adjustments undertaken last year.
"In the middle of the year, when energy and grain prices on the international market were high, world economic growth slowed, and economic growth in China's coastal regions began to decline, we promptly shifted our macrocontrol priority to maintaining steady, rapid economic development and controlling price hikes and adopted relevant fiscal, taxation and financial policies."
The premier noted that the global financial crisis has not yet reached the bottom, and will continue to affect the Chinese economy and remain a major concern for the Chinese people in the months to come.
But he said that the government is still aiming for an 8 percent growth rate this year, which he says is a reasonable target.
"It needs to be stressed that in projecting the GDP growth target at about 8 percent, we have taken into consideration both our need and ability to sustain development."
Other targets the government has set for itself include the creation of 9 million new jobs and keeping the registered unemployment rate below 4.6% and the inflation rate around 4%.
To achieve these goals, Wen Jiabao said governments at all levels will have to make wise use of the 4 trillion yuan, or 590 billion US dollar, stimulus package,
"This year, our government will give high priority to dealing with the global financial crisis and promoting steady, rapid economic development. We will fully implement a two-year investment plan amounting to 4 trillion yuan, or some 590 billion US dollars."
Major projects funded by the package will include housing projects for low-income households, huge infrastructure projects, and reconstruction of the quake-devastated regions in the Southwest.
A more detailed report just released by the National Development and Reform Commission, China's chief economic planner, shows that about half of the total package will be spent on infrastructure – mainly updating transportation and power systems.
A quarter of the money is earmarked for the reconstruction of the disaster-stricken areas in the Southwest.
The rest will go to farmers, urban residents lacking proper housing, unemployed people trying to work for themselves, and reform of the current health care system.
The premier also told the legislature that the government will step up efforts in fighting corruption, cross-Straits talks, educational reform, and maintaining social stability.
Da Min, CRI news.
