One year of China's economic stimulus package (2)

15:16, November 06, 2009      

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Improving people's livelihood is the starting point and ultimate goal of maintaining growth. From the medical and health system reform to progressive realization of the hundreds of millions of farmers' old-age security system, from increase efforts to support agriculture and farmers to improve primary and secondary teachers' welfare... ... in the package, the people's livelihood ranked first in all kinds of projects to expand domestic demand. In 2009 the central government's expenditures in education, health care, social security and employment, protect the livelihood of poor and others reached 728.46 billion yuan, increasing 29.4% over 2008.

"Confidence is more important than gold." As the world's third-largest economy, China's contribution to global economic growth reached 22% last year, and has surpassed the United States, ranking first in the world.

Today, the Chinese economic recovery is becoming stabilized, bringing confidence and hope for the world economy and has played a constructive role in dragging the world economy out of its predicament. As China's package achieved remarkable results, the International Monetary Fund continues to increase expectations in China's economic growth. It is estimated that China's contribution to global economic growth this year is expected to reach 50%.

With such remarkable stabilized recovery results, we still need to remain sober-minded. Although some developed countries are starting to experience economic recovery, the foundation for recovery is not solid enough, and the global economic recovery will be a slow and tortuous process.

In China, foundation of the economic recovery is not stable, not consolidated, and unbalanced, and there are still some deep-seated problems, in particular the structural problem. Issues such as external demand is still shrinking and its impact is still ongoing, economic growth is lacking motivation, energy saving and emission reduction task remains arduous, steady development of agriculture and farmers' incomes continue to increase are difficult to achieve, financial revenue and expenditure problems are conspicuous, the credit structure is irrational, liquidity management difficulties are rising and still obvious.

China needs to correctly handle the relationship between fast and steady economic development, the adjustment of economic structure and manage inflation expectations as the focus of macroeconomic regulation and control, pay more attention to improving the quality and efficiency of economic growth, and strive to achieve the healthy development of China's economy from a new starting point.

By People's Daily Online
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