Castro says to update Cuban economic model

21:48, August 02, 2010      

Email | Print | Subscribe | Comments | Forum 

Cuban leader Raul Castro said on Sunday that his country needed to update its economic model and develop a strategy to boost the socialist economy of the island.

"The update of the Cuban economic model must have the main principle as the defense of our revolution," Castro told the deputies of the National Assembly.

However, he added that there would be a greater number of small private businesses and more flexible labor contracts.

"No one can speak of reforms, and we are just considering an update of the Cuban economic model, prioritizing the interests of socialism instead of the market," said Economy Minister Marino Murillo.

"We think the state does not have to take care of everything."

The minister stressed that although the economic experiences of other countries were being studied, the model to be designed "is not a carbon copy of anyone," but the product of the Cuban experience.

Cuba's economy is affected by a severe liquidity crisis, bureaucracy, low efficiency of production, the U.S. embargo, the global financial crisis and the loss of 10 billion U.S. dollars in damage caused by three hurricanes in 2008.

The Cuban authorities have also decided to transfer a million workers from the state companies to other economic sectors in order to further develop the fragile local economy amid the crisis.

Source: Xinhua

(Editor:燕勐)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion