Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
China legislature hears cabinet report on financial crisis
Adjust font size:

The legislature heard here on Wednesday a somber report on how the intensifying impact of the world financial and economic crisis is reverberating through China's economy.

Zhang Ping, minister in charge of the National Development and Reform Commission, representing the State Council (cabinet), outlined the situation to the Standing Committee of the National People's Congress.

He described how, since the third quarter, the impact had spread from coastal areas to inland regions, from export-oriented industries to other sectors, and from small companies to big ones.

Zhang said the deepening crisis and the fast-evolving world economic situation had greatly affected China's economy, with overall growth slowing and imports falling -- a situation unseen for many years.

Zhang also noted that investment demand had weakened and there were "difficulties" in industrial production, along with falling revenues and profits for business.

Zhang said that both exports and investment growth were rapidly slowing and industrial production was obviously declining, as shown by electricity use. Property and vehicle markets were sluggish, unemployment was up and international market turmoil had "shattered" domestic investment sentiment.

In response to the difficulties emerging since the third quarter, Zhang said, the central government decided to invest 100 billion yuan (about US$14.62 billion) during the fourth quarter on new projects and allocated a special earthquake relief fund of 20 billion yuan.

About 38 billion yuan will go to low-cost housing, rural infrastructure and education facilities. Some 19 billion yuan will be invested in large dams, crop storage and farm animal quarantine networks. About 18 billion will be channeled into energy efficiency and pollution reduction programs. The rest of the fourth-quarter economic stimulus fund, roughly 25 billion yuan, will be used in building highways and urban power grids, Zhang said.

The central-government stimulus plan is expected to draw matching funds from local governments, with the total investment reaching about 400 billion yuan, he said.

Zhang said central government investment should be carried out in a "transparent and efficient" fashion, with strict market access standards in line with industry policies.

"Detailed plans on expansion of domestic demand over the next two years should be formulated as soon as possible," he said, adding that "measures to maintain stable export growth should be formed without delay," along with a program on reviving pivotal industries.

"The stability of agriculture is essential against a backdrop of an international financial crisis," said Zhang, adding that efforts should be stepped up to increase agricultural production and farm incomes.

(Xinhua News Agency December 24, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Legislature hears State Council report on financial crisis
- Top legislature starts 6-day session
- Top legislature allows extra gov't expenditure
- Legislature adopts amendment to fire control law
- Legislature passes laws and treaties

Jan. 8-9, Beijing Construction Innovation Country Forum Annual Meeting
Jan. 14-16, Nanjing China Expo Forum for International Cooperation
Jan. 29 - Feb. 1, Switzerland World Economic Forum Annual Meeting

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
主站蜘蛛池模板: 亚洲狠狠婷婷综合久久久久 | 在线观看免费大黄网站| 中文字幕26页| 日本免费一本天堂在线| 五十路亲子中出中文字幕| 欧美国产永久免费看片| 亚洲精品国产av成拍色拍| 男男暴菊gay无套网站| 六月天丁香婷婷| 绿巨人app入口| 国产gav成人免费播放视频| 雏女强破瓜在线观看| 国产小视频免费| 成人在线观看不卡| 国产特黄1级毛片| 131美女爽爽爽爱做视频| 国产美女极度色诱视频www| 99久久伊人精品综合观看| 夫妇交换性三中文字幕| 一区二区三区在线视频播放| 成人毛片免费观看| 中文字幕在线视频免费观看| 无翼少无翼恶女漫画全彩app| 久久伊人五月天| 日本理论午夜中文字幕第一页| 久久精品国产久精国产| 日韩精品无码人妻一区二区三区 | 欧美午夜精品久久久久免费视| 国产欧美日韩精品丝袜高跟鞋| 久久精品国产一区二区三区| 最新免费jlzzjlzz在线播放| 亚洲一卡2卡3卡4卡国产网站| 欧美俄罗斯乱妇| 亚洲国产欧洲综合997久久| 欧美熟妇另类久久久久久不卡| 亚洲精品国产高清在线观看| 热99re久久精品香蕉| 亚洲精品视频网| 永久免费毛片在线播放| 在线免费国产视频| GOGOGO免费观看国语|