One year of China's economic stimulus package

15:15, November 06, 2009      

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A year ago, the international financial crisis led to the sharp downturn of China's economic growth rate, and we experienced the most difficult year in the new century. A year later, China's economy has shown clear signs of picking up. In the previous three quarters GDP grew by 7.7% this year and there is no doubt China will achieve the goal of maintaining 8% GDP growth.

This fully proves that the central government's economic stimulus package for coping with the international financial crisis is timely, correct, powerful, and effective, and China's economy is even more dynamic.

As the most direct and most important goal of the package, in the past year, China reversed the downward trend, and maintained stable and rapid economic growth. Expanding domestic demand, especially in consumption was set as a basic starting point.

With a series of policy measures to stimulate domestic demand, in the first 3 quarters this year, facing more than a 20% year on year decline in exports, the 33. 4% investment growth and 15.1% consumption growth together managed to stimulate China's economy. "Appliances to the countryside" policy opened a huge market in rural areas while tax cuts for purchasing small displacement cars drove automobile consumption.

The financial crisis has brought great pressure but also provided opportunities. Facing challenges, the Chinese Government made adjusting the economic structure and changing the mode of development priority, and paid more attention to the quality and efficiency of economic growth.

The Chinese government has introduced comprehensive measures to promote restructure and revitalization of key industries, support high-tech research and development, increase innovation, coordinate regional development. China also launched refined oil tax reform, medicine and health system reform, the reform of resource products pricing and so on. This has laid a solid foundation for sustainable economic development and greatly enhanced the vitality and stamina of China's economy.
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