China to Improve Macroeconomic Management: Top Planner

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Last updated at: (Beijing Time) Wednesday, March 06, 2002

China to Improve Macroeconomic Management: Top Planner

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China will continue to improve macroeconomic management to meet the needs of developing the socialist market economy and responding to the new situation following China's accession to the WTO, said Zeng Peiyan, minister in charge of the State Development Planning Commission on Wednesday.

Zeng made the remark in his Report on the Implementation of the 2001 Plan for National Economic and Social Development and on the Draft 2002 Plan for National Economic and Social Development, to the second plenary meeting of the Fifth Session of the Ninth National People's Congress (NPC).

The basic role of the market in the allocation of resources should be fully exploited. The law governing economic development should be followed. International practice will be taken into consideration. The way government functions will be changed and the macrocontrol will be improved to create a sound environment for economic development, according to Zeng.

-- Speeding up efforts to develop the legal system. Legislative plans of the National People's Congress will be conscientiously implemented in drafting laws. China will formulate or revise related administrative statutes, rules and regulations to rectify and standardize market order.

-- Improving the means for exerting macroeconomic regulation. The government should place the need to improve macro-regulation, market supervision and administration, law enforcement and public services on its agenda.

-- Drastically reducing the number of matters subject to administrative examination and approval. Macrocontrol departments need to step up the change in the way they function.

-- Balancing total supply and demand in response to market changes. Greater use of economic means is required in order to more effectively regulate total demand and supply to maintain a proper balance.

-- Rectifying and standardizing order in the market. Efforts to manage and rectify the markets for medicines, foodstuffs, petroleum products, dangerous chemicals and other major goods will be strengthened. Restrictions and barriers to trans-regional marketing and investment will be eliminated and banned.

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