China to Step up Economic Restructuring: Official

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Last updated at: (Beijing Time) Tuesday, December 04, 2001

China to Step up Economic Restructuring: Official

China is to continue to push forward economic restructuring under the current international and domestic economic conditions, Zeng Peiyan, minister in charge of SDPC said on Monday. China is planning to accelerate the development of high-tech industries, apply information technology in all sectors of the economy and society, expand the capacity of producing important equipment and restructure conventional industries in 2002.

Zeng said that next year, the country will accelerate the expansion of such high-tech industries as integrated circuits, software and new materials. It will also start a number of research and development projects, including digital TV, high speed wide-band information network, the third generation of mobile telecommunications, and modernized farming.

The country will also apply information technology in government administration and enterprises, he said.

He noted that the country will speed up the development of gas-fueled generators, engineering equipment and high-voltage electricity transmission equipment. It will also set up such R&D projects as key components of measuring small tools and digital machine tools. It will encourage the development and application of alternative-fuel engines and new, large ships.

He also noted that the restructuring of such old industries as chemical, energy, steel, mining and construction materials will be quickened, with a number of projects to be started including those for synthetic fiber, new energy, thin steel sheet pressing, cement and textile press sorting.

China to Advance Strategic Restructuring of Economic Structure

China's economy is expected to maintain a seven-percent annual growth rate and the per capita GDP (gross domestic products) will reach 9,400 yuan (about US$1,140) by the year 2005.

To cope with some prominent problems in economic development, such as irrational structure of industries, poor competitiveness of enterprises, widening gap between the eastern and western regions, and low level of urbanization, China is accelerating the development of its service sectors, including information, finance, accounting, counseling, and legal service, while improving efficiency in agricultural and industrial production.

Infrastructural construction will remain a key measure to maintain economic development. The construction of new highways and railway networks, power- generating facilities, and projects of oil and natural gas production will be conducted during the 2001-2005 period.

In order to narrow the gap between the eastern and western regions, which has emerged as a major problem for China, infrastructural projects for water conservancy, traffic, telecommunications, energy and urban construction will be launched in the underdeveloped western areas.

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China to Advance Strategic Restructuring of Economic Structure