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Legislature hears Cabinet report on financial crisis impact

(Xinhua)
Updated: 2008-12-24 10:36

Related readings:  Hu pledges support for HK, Macao amid financial crisis  Mainland willing to help Taiwan tackle financial crisis  Steel makers reshuffle to overcome financial crisis  Financial crisis won't stop China's opening up, reform

The Chinese legislature heard in Beijing Wednesday morning a report on the consequences of the international financial crisis on the Chinese economy.

Zhang Ping, minister in charge of the National Development and Reform Commission (NDRC), representing the State Council, outlined China's current economic situation to the Standing Committee of the National People's Congress (NPC).

Zhang said that the deepening of the international financial crisis and the rapid change of the world economic situation had greatly affected the Chinese economy, featuring growth slowdown, negative growth in exports which was unseen for many years, weak investment demand, difficulties in industrial production, drop in both business profits and fiscal incomes.

Since the third quarter, Zhang said, the consequences spread from coastal to inland areas, from export-oriented industries to other sectors, and from small-sized companies to big ones.

Zhang elaborated on the difficulties, claiming that both exports and investment growth slowed rapidly, industrial production obviously declined, which was betrayed by power consumption. Real estate and car markets kept sluggish, unemployment expanded and the international market turmoil greatly shattered investment willingness in the domestic financial market.

In response to all the difficulties emerging since quarter three, Zhang said, the central government decided to invest in the fourth quarter 100 billion yuan ($14.62 billion) more into new projects and allocated a special earthquake relief fund worth 20 billion yuan.