China to Continue Expanding Domestic Demand

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Last updated at: (Beijing Time) Thursday, November 29, 2001

China to Continue Expanding Domestic Demand

China will continue its policy of expanding domestic demand so as to better develop its national economy in 2002, according to the three-day Central Economic Working Conference. It is a strategic policy that China will adhere to for a long period of time, and it is imperative to further understand this policy, enrich its content and improve its effectiveness.

China will continue its policy of expanding domestic demand so as to better develop its national economy in 2002, according to the three-day Central Economic Working Conference, which concluded in Beijing Thursday.

The conference said that expanding domestic demand is a strategic policy that China will adhere to for a long period of time, and it is imperative to further understand this policy, enrich its content and improve its effectiveness.

The conference pointed out that domestic demand expansion should be integrated with strategic adjustment of economic structure, deepening of economic reform, increasing employment, improving the living standards of the people, and ensuring sustainable development.

Efforts should be made to further cultivate domestic demand andincrease the income of both urban and rural residents, especially low-income earners, the conference said.

China will also continue its pro-active fiscal policy, issue long-term State treasury bonds and make necessary investments to realize sustained and fast development of the national economy, expand employment and maintain social stability.

The conference also said the structure of fiscal expenditures should be optimized so that expenses for social security and fees-to-tax reform in rural areas are ensured.

Efforts are needed to further improve and stabilize the taxation system, and strengthen taxation management, the conference said.

China will continue to pursue a steady monetary policy and reinforce the supporting role of finance in economic development. More funds will be earmarked for technical innovation of enterprises, the development of small and medium-sized enterprises,especially non-state sci-tech enterprises, and the readjustment ofagricultural structure.

China Continues to Expand Domestic Demand Coming Year