China's 4-trillion-yuan (585.5 billion U.S.dollars) stimulus package must be approved by the National People's Congress (NPC), China's parliament, a parliament spokesman said?Wednesday.
"The investment proposed by the central government will be listed on the annual central budget and submitted to the NPC for deliberation and approval," Li Zhaoxing, spokesman for the Second Session of the 11th NPC, told a press conference.
The State Council, or Cabinet, announced a 4-trillion-yuan stimulus package last November to shore up economic growth amid the financial crisis, which dropped to 9 percent in 2008, the lowest since 2001.
The 4-trillion-yuan package includes 1.18 trillion yuan investment from the central government in two years and the rest will come from local governments and the public.
Li said reviewing and approving the economic and social development plan as well as the 2009 central budget is high on the agenda of this year's NPC session.
"The NPC session will strictly review the plans. The NPC Standing Committee will improve supervision to the execution of the plans and budget," he said.
Among the additional 100 billion yuan investment in the fourth quarter last year announced by the central government, 30 billion yuan had already been allocated. Li said the State Council had reported the 30 billion yuan investment to the NPC Standing Committee.
"The rest 70 billion yuan will be included in the 2009 central budget and be allocated this year," Li said, adding that the procedure is totally legitimate.
Li said China has improved scientific planning, tightened project management and improved supervision to ensure the money be used efficiently.
(Xinhua News Agency March 4, 2009)