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China stresses higher investment and better structures

(Xinhua)
Updated: 2008-11-10 23:41

BEIJING  -- The Chinese government will inject more funds for investment and improve investment structures to better cope with adverse global economic conditions, the State Council (Cabinet) decided at an executive meeting presided over by Premier Wen Jiabao on Monday.

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To achieve "steady and relative fast" economic growth and prevent "economic ups and downs" amid global and domestic economic challenges was on top of the country's agenda, said Wen.

The government on Sunday announced it would launch a stimulus package estimated at 4 trillion yuan (570 billion US dollars) to be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transport, the environment and technological innovation.

"The country should strengthen management of large-scale investment projects, conduct feasibility studies in an earnest manner and increase investment efficiencies and profits," said a statement from the meeting, in which provincial leaders and Cabinet ministers participated.

Wen said the stimulus package was crucial to tiding over the difficulties and maintaining long-term economic growth momentum.

He urged local governments to be "quick" and "effective" in carrying out these measures with "large-scale" investment programs launched to boost domestic demand.

The meeting participants called for more efforts to increase incomes and consumption capabilities, raising low-income earnings, promoting the "stable and healthy" development of the property sector and maintaining steady export growth.

The country should endeavor to enhance competitiveness, improve financial macro-management and facilitate the steady and healthy development of the stock market.

China announced on Sunday that it would adopt "active" fiscal and "moderately active" monetary policies to expand domestic demand and speed up construction of public facilities.

The meeting also decided to push forward a series of key reforms, including restructuring the value-added tax regime, which could cut the tax burden on enterprises by 120 billion yuan next year.