Active Fiscal Measures Stimulate China's EconomyThe active fiscal measures adopted by China in the past three years greatly stimulated its economy and helped the nation overcome the impace of Asian financial crisis, a high-ranking official said Wednesday, December 27.When reporting those measures to the 19th meeting of China's legislature, the National People's Congress (NPC) Standing Committee, Zeng Peiyan, minister in charge of the State Development Planning Commission, said that the proceeds from treasury bonds worth 360 billion yuan (US$43.4 billion) have been spent on agriculture, forestry, water conservation, infrastructure construction, low-price residential buildings, technological renovation in some key industries, and education. With the funds accumulated by the treasury bonds, the state aimed at expanding domestic demand, speeding up the national economy and helping economic structural adjustment, Zeng said. According to statistics, China has poured 2.4 trillion yuan worth of investment into 6,620 key projects which have had important bearing on the national economy. In the last three years, non-governmental investment and foreign investment increased gradually with the influence of huge state investment, Zeng said. The projects consisted of the upgrading of technologies in state-owned enterprises, breaking through some technological bottlenecks, optimizing economic patterns, promoting sustainable development and improving the people's lives, he said. Zeng stressed that the central authorities earnestly supervised expenditure of the treasury bonds, which were raised among common people. The commission carried out 1,100 inspections onto 308 projects with state treasury bond funding. However, Zeng urged much stricter supervision on those largely-consuming projects, enforcing effective mechanisms of corporate responsibility, public bidding, regular inspection and quality control. |
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