http://news.xinhuanet.com/english/2008-11/14/content_10357162.htm
BEIJING, Nov. 14 (Xinhua) -- A senior Chinese planning official told
reporters here on Friday that the new 4 trillion yuan (586 billion
U.S. dollars) economic stimulus package includes 1.18 trillion yuan
from the central government through 2010.
Mu Hong, vice director of the National Development and Reform
Commission (NDRC), said the agency would add 100 billion yuan of new
investment during the fourth quarter.
The central government's investment, combined with that of
businesses and local governments, would bring the total spending to 4
trillion yuan by the end of 2010, he said.
"The 4 trillion yuan is only part of the country's total
investment. It is not the total," Mu said.
Officials have said that a "large part" of the total package was
new money, but they have not provided specific figures.
The stimulus package was announced on Sunday amid rising concern
about a sharp slowdown in the world's fourth-largest economy. China's
gross domestic product grew 9 percent annually in the third quarter,
down from 10.1 percent in the second quarter and 10.6 percent in the
first quarter.
"To boost domestic demand has become the priority of current
economic work," Mu told reporters. He added the package would
stimulate both short- and long-term demand, as it would spur economic
growth while transforming the type of growth.
China plans 10 major steps to spark growth as fiscal, monetary
policies ease
http://news.xinhuanet.com/english/2008-11/09/content_10332422.htm
BEIJING, Nov. 9 (Xinhua) -- China will take 10 major steps to
stimulate domestic consumption and growth as it turns to an "active"
fiscal policy and "moderately easy" monetary policy, an executive
meeting of the State Council said on Sunday.
Here are the 10 major steps:
-- Housing: Building more affordable and low-rent housing and
speeding the clearing of slums. A pilot program to rebuild rural
housing will expand. Nomads will be encouraged to settle down.
-- Rural infrastructure: Speeding up rural infrastructure
construction. Roads and power grids in the countryside will be
improved, and efforts will be stepped up to spread the use of methane
and to ensure drinking water safety. This part of the plan also
involves expediting the North-South water diversion project. Risky
reservoirs will be reinforced. Water conservation in large-scale
irrigation areas will be strengthened. Poverty relief efforts will be
increased.
-- Transportation: Accelerating the expansion of the transport
network. That includes more dedicated passenger rail links and coal
routes. Trunk railways will be extended and more airports will be
built in western areas. Urban power grids will be upgraded.
-- Health and education: Beefing up the health and medical service
by improving the grass roots medical system. Accelerating the
development of the cultural and education sectors and junior high
school construction in rural western and central areas. More special
education and cultural facilities.
-- Environment: Improving environmental protection by enhancing
the construction of sewage and rubbish treatment facilities and
preventing water pollution in key areas. Accelerating green belt and
natural forest planting programs. Increasing support for energy
conservation and pollution-control projects.
-- Industry: Enhancing innovation and industrial restructuring and
supporting the development of the high-tech and service industries.
-- Disaster rebuilding: Speeding reconstruction in the areas hit
by the May 12 earthquake.
-- Incomes: Raising average incomes in rural and urban areas.
Raising next year's minimum grain purchase and farm subsidies.
Increasing subsidies for low-income urban residents. Increasing
pension funds for enterprise employees and allowances for those
receiving special services.
-- Taxes: Extending reforms in value-added tax rules to all
industries, which could cut the tax corporate burden by 120 billion
yuan (about 17.6 billion U.S. dollars). Technological upgrading will
be encouraged.
-- Finance: Enhancing financial support to maintain economic
growth. Removing loan quotas on commercial lenders. Appropriately
increasing bank credit for priority projects, rural areas, smaller
enterprises, technical innovation and industrial rationalization
through mergers and acquisitions.
These 10 moves are expected to have positive effects on cement,
iron and steel producers amid a boom in infrastructure investment.
Commercial lenders will benefit as loan ceilings are abolished, and
medium-sized and small companies are likely to benefit from
preferential policies.
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