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China to avoid big ups and downs in economy
(Xinhua)
Updated: 2004-04-30 11:09
China is taking measures to maintain steady and relatively fast economic
growth and prevent major ups and downs in development, Chinese Premier Wen
Jiabao said Wednesday.
Wen said that the Chinese government will take forceful and effective
measures to address the existing problems in the economy, such as excessive
growth in fixed asset investment, bank credits and money supply and growing
inflationary pressure.
Wen said the government's macro-economic control will be resolute and
decisive, as well as timely and appropriate, dealing with different issues in
different ways.
He noted that the Chinese economy as a whole is in good shape, with fast
growth, growing profits, improving agricultural production, expanding foreign
trade, surging fiscal revenue and constantly rising incomes for residents.
In order to curb excessive fixed asset investment that drove up prices for
capital goods and strained supply of coal, electricity, oil and transportation,
the government will tighten the supply of money and land, step up control of
construction projects and exercise economy in resources consumption.
Wen said China has twice raised the reserve requirement for banks. It will
also issue new regulations on tightening land management and raise capital fund
ratio in fixed asset investment for certain industries.
"We believe all these measures will take effect in a period of time, and that
the economy will maintain stable, relatively fast growth without major ups and
downs," Wen said.
He said China will unswervingly push forward reform of the investment system
and the financial sector so as to uproot of the structural and institutional
causes of the existing problems.
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