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No second dip in China’s economy: Experts (2)

(People's Daily Online)

14:11, July 11, 2012

An important goal of macroeconomic policy

There currently is a high downward pressure on the economy.

Chen Houyi, vice chairman of China's Socialist Economic Laws System Research Society, said that judging from the currently main contradiction of economic situation, stabilizing the economic growth has become an important goal of macroeconomic policy.

The recent executive meeting of the State Council emphasized that it must conscientiously implement a general tone of making progress while ensuring stability, properly handle the relationship between maintaining a stable and rapid economic development, adjusting economic structure and managing the inflation expectations and attach more importance to the stability of economic growth.

It is necessary and feasible to put the stability of economic growth on a more important place

First of all, the stable price has provided a better window period for introduction of the policy of stabilizing economic growth. Since 2012, the prices of commodities in China have been falling steadily. According to statistics, the Consumer Prices Index in the first four months in China respectively increased by 4.5 percent, 3.2 percent, 3.6 percent and 3.4 percent, showing a steadily falling trend. The CPI of May has a 3 percent of increase year-on-year, setting a new low since 23 months.

Then, the steady progress of structural adjustment has provided a better economic foundation for the stability of economic growth. In the long run, adjusting economic structure finally will promote a good and fast economic development.

The executive meeting of the State Council has made a series of scientific deployments to stabilize the economic growth, which include the followings:

- Continuing to implement structural policy of tax reduction to alleviate the burden of corporate tax;

- Insisting in the basic orientation of a prudent monetary policy to maintain a reasonable scale of social financing;

- Further optimizing the credit structure and paying more attention to meet the needs of the real economy;

- Implementing and expanding the scope of the project to promote energy-efficient products for the benefit of the people;

- Promoting the implementation of the major projects in the 12th Five Year Plan on schedule and launching a number of big projects.

Read the Chinese version at: 不必过忧经济下行, Source: People's Daily, Author: Gao Yuncai

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