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China's economy expected to further stabilize (2)


08:28, September 12, 2012

He mentioned a host of policy measures taken by the government since May, including stepping up structual tax cuts, lowering the required reserve ratio, cutting the benchmark deposit and lending rates twice, allocating 26.8 billion yuan (4.23 billion U.S. dollars) from the central budget to support enterprising undertaking technological upgrading, pushing forward trade faciliation and actively expanding imports and others.

"All these measures have helped boost market confidence and promote steady economic growth," said Wen.

According to the premier, in the first half of this year, China's GDP grew by 7.8 percent year-on-year. The Consumer Price Index (CPI) in July rose 1.8 percent over the same period of last year and inflationary pressure has notably eased.

"We are fully confident that we have the conditions and ability to overcome the difficulties on our way ahead, maintain steady and robust economic growth and achieve development at a higher level and with better quality for a long time to come," said Wen.

He said the Chinese government will fully utilize the ample fiscal and monetary policy space, fully tap the huge potential of domestic demand and fully motivate the various localities and departments.

It will give greater priority to stabilizing growth, continue to follow a proactive fiscal policy and a prudent monetary policy and step up anticipatory adjustments and fine-tuning, press ahead with strutural tax cuts and keep the increase of money and credit supply at a steady and moderate level, said Wen.

The government will also make stronger efforts to spur consumer demand, expand effective investment with a focus on bringing out the energy of nongovernmental investment, stabilize external demand and bolster the real economy, he said.

The forum was created according to a joint proposal by the Geneva-based World Economic Forum (WEF) and the Chinese government. Northern Chinese port cities of Dalian and Tianjin have hosted the forum in turn since 2007.

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