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Last updated at: (Beijing Time) Monday, December 16, 2002

Macro-economy Policy Based on Continuity, Stability

A proactive fiscal policy and moderate monetary policy will be continued and domestic demand be expanded next year to maintain the continuity and stability of China's macro-economy policy, said Vice-Premier Wen Jiabao.


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Macro-economy Policy Based on Continuity and Stability
A proactive fiscal policy and moderate monetary policy will be continued and domestic demand be expanded next year to maintain the continuity and stability of China's macro-economy policy, said Vice-Premier Wen Jiabao.

Wen, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, told the closing ceremony of the National Planning Congress Saturday that the major issues of the country's macro-economy were as follows:

-- Maintaining stable and rapid economic growth. A proactive fiscal policy and moderate monetary policy did propel the sustained, rapid and healthy growth of the national economy, and practices had proven that they are entirely correct.

Therefore, he noted, more long-term state treasury bonds of a certain scale would be issued next year and the government would carefully consider how to effectively utilize the funds, how to adjust the investment structure, how to improve the performance of the investment, how to increase the country's consumption and how to make consumption pull the national economy.

-- Continuing to strategically adjust economic structure. Adjusting and optimizing economic structure was the mainframe of economic development, he said, and the status of agriculture as the foundation of the national economy should be strengthened.

It is essential to prompt the strategic adjustment of agricultural and rural economic structure, Wen said. And it is essential to vigorously develop service trades and accelerate the growth of high-tech industries. Regional economic layout would also be reasonably regulated and the Go-West Campaign would be expanded, he added.

-- Adhering to the reform and opening-up policy. At present, he noted, reforms in agriculture, state-owned enterprises, the fiscal system and government bodies were regarded as priorities.

-- Solving eminent contradictions and problems in the economy. Party committees and governments at all levels should make improving the environment for employment and creating more jobs opportunities their important duties and obligations.

Meanwhile, great efforts will be made to develop the labor-intensive industries and various services, and the vital role of small and medium-size enterprises, individual and private businesses and other firms in the non-public economic sector would be brought into play so that they will be turned into leading channels to get people employed or re-employed, the vice-premier said.


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