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The first session of the 10th National People's Congress adopted in Beijing Tuesday a resolution, accepting the central budget for 2003 that projects 10 billion yuan more deficit than in 2002 and the issue of 140 billion yuan of construction bonds, as part of the proactive fiscal policy and prudent monetary policy aimed at expanding effective domestic demand.
The closing meeting of the session also voted for the Report on the Implementation of the Central and Local Budgets for 2002 and on the Draft Central and Local Budgets for 2003, presented by former Finance Minister Xiang Huaicheng.
(Xinhua News Agency March 18, 2003)
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