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Govt supports proactive growth

(China Daily/Xinhua)
Updated: 2009-07-20 10:58

The Chinese government will adhere to its proactive fiscal policy and relaxed monetary policy. [Asianewsphoto]

Chinese Premier Wen Jiabao said the government will adhere to its proactive fiscal policy and relaxed monetary policy.

Wen also told a recent gathering in Beijing of economists and business leaders that any structural adjustments should be balanced with efforts to ensure growth.

The Beijing meeting was one of two such gatherings held to hear views on the economy.

Wen's comments came after China Banking Regulatory Commission (CBRC) official Wang Huaqing warned recently of possible risks to the financial system posed by a rapid growth in loans and a concentration of loans in certain industries and business sectors.

China's yuan-denominated loans hit the 1.53-trillion mark in June - more than double the 664.5 billion yuan ($97.27 billion) in loans reported in May.

For the first six months of 2009, yuan-denominated loans totaled 7.37 trillion yuan - far exceeding the full-year target of 5 trillion yuan.

Wen said maintaining steady and relatively fast economic growth remains a priority for China.

The global financial downturn has weakened external demand in some business and industry sectors, and those pressures likely will persist in the near future, Wen said.

He also said overcapacity has become a challenge in some sectors.

Related readings:  Premier urges adhering to proactive fiscal policy  China's bank loan total exceeds full-year target  PBOC: 'Moderately loose' monetary policy to continue  China leads world toward recovery

Wen stressed the need to coordinate urban and rural economic development and also promote more technological innovations.

He also stressed the need to stimulate domestic consumption to help grow the economy.

China's GDP growth slowed to 9 percent in the third quarter of 2008, and slumped to 6.8 percent in the fourth quarter of 2008.

China's GDP growth declined further to 6.1 percent in the first quarter of 2009. It grew 7.9 percent in the second quarter.

On July 1, the benchmark Shanghai Composite Index of the Chinese stock market for the first time since June 11 last year climbed above 3,000 points - a 65 percent increase during the first half of this year.

Late in June, the National Bureau of Statistics said the slowdown in the world's third- largest economy had bottomed out, and it was expected to grow about 8 percent in the second quarter.

Wen urged cooperation on increasing agricultural production and improving living standards in rural areas.

Business and industry also should promote a stronger urban infrastructure in China's cities, including development of more inter-city railways, he said.

Wen said government investments and bank loans should target central and western regions of China, as well as focus more on the agricultural sector and rural areas.

Measures also should be taken to stimulate private investment, stabilize exports and promote the coordinated development of the use of foreign investments, Wen said.

Wen also called for continued efforts to promote more employment opportunities, especially among college graduates and migrant workers.