The report, presented by the 10th NPC Financial and Economic Committee on its examination of the implementation of China's 2002 development plan and budgets, says the national economy in 2002 displayed a momentum of high growth and the operation of the national economy was better than expected.

In his report to the presidium meeting, Fu Zhihuan, chairman of the 10th NPC Financial and Economic Committee, said the macro-control objectives and measures set by the draft plan for national economic and social development in 2003 are "basically feasible."

Fu said the 10th NPC Financial and Economic Committee proposed the current NPC session to approve the draft 2003 plan for national economic and social development submitted by the State Council, and a relevant report made by Zeng Peiyan, minister in charge of the State Planning Commission, at the NPC session on behalf of the State Council.

The report also set forth proposals from eight aspects, including keeping to expanding domestic needs, going on to implement the pro-active fiscal policy and steady monetary policy, promoting rural economic restructuring, creating more job opportunities, stepping up the economic restructuring process, deepening the reform of state-owned enterprises, pushing forward the reform of financial sectors and regulating the order of economic market.

In a relevant development, Fu's colleague Liu Jibin, vice chairman of the 10th NPC Financial and Economic Committee, also reported to the presidium meeting on the examinations of implementation of the central and local budgets for 2002 and draft budgets for 2003, which was made by his committee.

The report says the amount of the deficits of 2002 and the national debt issued in 2002 was less than the amount approved by the NPC, and "the implementation of the 2002 budgets was good."

The Financial and Economic Committee holds that the 2003 draft budgets are "basically feasible", and it suggests the NPC session approve the 2003 draft budgets submitted by the State Council, as well as a relevant report by Finance Minister Xiang Huaicheng on behalf of the State Council.

It also proposes that the central government continue to strengthen the administration of taxation, readjust and optimize the structure of expenditures, and further promote the reform of budget system.

(Xinhua News Agency March 14, 2003)