China to Continue Active Fiscal PolicyChina will keep implementing an active fiscal policy to ensure sound economic growth next year, in view of the fact that this year's fiscal policy has achieved noticeable results, China's Finance Minister Xiang Huaicheng said Wednesday, December 13.Xiang made this statement at a national meeting on fiscal affairs held Wednesday, adding that the Chinese Government will continue to issue treasury bonds funding infrastructure projects and will launch special T-bonds to support the western development policy next year. The central government has issued 150-billion-yuan worth of T-bonds for infrastructure projects so far this year to expand the investment. China will also continue to raise residents' incomes to stimulate consumption and expand domestic demand, he said. Faced with lukewarm domestic demand and deflation pressure caused by the Asian financial crisis in 1998, China's three-year active fiscal policy has proven successful at inducing economic growth, Xiang noted. Insiders at the economic sector predict that the country's economic growth rate will exceed the 7-percent target announced early this year. China has adjusted the income distribution policy this year and increased subsidies for low-income people, which also gained favorable results. |
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