A senior state economic planning official says China is taking prompt measures to weather the impact of current global financial crisis. Minister of the National Reform and Development Commission, Zhang Ping, was briefing the public on government measures to boost domestic demand.
China has announced a 4-trillion-yuan stimulus package that will be implemented over the next two years. And, one hundred billion yuan will be invested by the end of this year.
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There is much concern over whether or not the massive injection of funds will be spent effectively.
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The money is to go into public welfare projects, infrastructure, environmental protection, and post-quake reconstruction in southwestern China.
Zhang Ping, minister of Nat'l Reform & Dev't Commission, said, "So far, more than 40 percent of the 100 billion yuan has been channeled into various projects. The National Reform and Development Commission will work to ensure that the remainder will yield prompt results."
There is much concern over whether or not the massive injection of funds will be spent effectively.
Officials have tried to alleviate the public's concerns by promising that all the money will be accounted for.
Zhang Ping said, " I can assure you that these investments will not lead to redundancies in any area."
Besides the central plan, many provinces have made their own local investment plans for the next two to five years. The Minister of China's top economic planning body said the country's total social investment is predicted to reach 18 trillion yuan next year.
(CCTV November 28, 2008)
