China Outlines Major Economic Tasks in 2002

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Last updated at: (Beijing Time) Monday, December 03, 2001

China Outlines Major Economic Tasks in 2002

Increasing investment in fixed assets, enhancing development of the farming sector and creating more job opportunities are among the top priorities that the Chinese government has set for economic management next year. The government plans to complete a group of construction projects, funded by issuing treasury bonds, by the end of next year.

Large-scale Projects Under Plan

Zeng Peiyan, minister in charge of the State Development Planning Commission (SDPC), told the annual national planning meeting which opened Sunday that the government plans to complete a group of construction projects, funded by issuing treasury bonds, by the end of next year.

The government will push for a general speeding up of progress of such large-scale projects as the Qinghai-Tibet railway, the natural gas transmission pipeline extending from Xinjiang in west China to Shanghai in the eastern coast, and the power grids transmitting electricity from western parts of the country to eastern areas.

Construction also will begin on the north-south water diversion project, a water resources protection project in Beijing, and artery highways in west China, Zeng said.

Agricultural & Hi-Tech Sector Among Top Priorities

He said investment will be increased in construction of infrastructures in rural areas next year, adding that industrialization and technological upgrading of the agricultural sector will be carried out more swiftly.

He called for acceleration of the development of hi-tech industries, application of information technology in all sectors of the economy and society, increase in the country's production capacity of important equipment, and restructuring of conventional industries.

Employment Opportunities to Be Increased

Zeng noted that the government will try all means possible to increase employment opportunities. It will guide the expansion of labor-intensive industries, develop small towns and improve the social security network. In the meantime, favorable policies will be adopted to encourage spending on housing, tourism, automobiles, education and information services.

He said the government will greatly upgrade infrastructures in western China by expanding the networks of paved roads and power grids, and radio and TV broadcasting. It will take measures to let every rural family in the area participate in and benefit from the process of turning cultivated land back into forest or grassland.

China to Be Further Opened

At the same time, the government will open the country wider to the outside world after China's accession to the World Trade Organization. All possible measures will be taken to expand exports and optimize the structure of imports.

Governmental Function to Be Strengthened

He said that the government will press ahead with the campaign of rectifying the market order and improve its ability to monitor economic activities. It will improve the use of pricing as leverage in economic regulation.

Zeng said the country will actively push forward the development of such social causes as education, culture and sports and strengthen environmental protection and sustainable development of resources.

China Economy Grows 7.4 Percent in 2001: Zeng

Zeng Peiyan, minister in charge of the State Development Planning Commission (SDPC), told the annual national planning meeting that the economy has seen a sustained, rapid growth with low inflation.

Economic Growth

China's economy is expected to grow by 7.4 percent this year.

GDP

The gross domestic product (GDP) of the country is expected to reach 9,645 billion.

Profits of Industrial Enterprises

According to official statistics, profits of industrial enterprises totaled 364.7 billion yuan during January-October, increasing 9.3 percent over the same period of last year.

Fiscal Revenue

In the same period, fiscal revenue of the central government rose by 256.8 billion yuan over one year ago.

Inflation Rate

Zeng predicts that the inflation rate for the year is about 1 percent.

Net Income

In the mean time, the disposable income of urban residents is expected to grow by about 7 percent and the net income of rural residents 4 percent.

Unemployment Rate

Unemployment rate will be lower than 4 percent this year.

FX Reserve

By the end of October, the national reserve of foreign exchanges reached 203 billion US dollars.

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China Economy Grows 7.4 Percent in 2001: Official

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