China to focus on domestic consumption amid global uncertainties: official
3/11/2008 16:15
China's government should continue efforts to expand domestic consumption
amid the global economic uncertainty, said Liu Tienan, Vice Minister of the
National Development and Reform Commission, in remarks published today.
The
fundamentals of China's economy were sound, but the country also faced
challenges, Liu said during an industry meeting in Beijing at the weekend,
according to today's China Securities Journal.
China should step up efforts
in industrial restructuring, innovation and changing its development mode.
He
called for more support for farmers and more public resources allocated to
improve social welfare.
Su Ning, deputy governor of the People's Bank of
China, the central bank, said at the meeting that there was "still room to tap
more domestic consumption" and the central bank would adopt a flexible and
prudent monetary policy.
Some experts present at the meeting held stable
economic development depended on a proactive fiscal policy and a more relaxed
monetary policy to prevent economic decline.
China's economy grew at 9
percent in the third quarter over the same period last year, the slowest rate in
five years, as the global financial crisis sapped demand for Chinese goods, and
domestic industrial production waned in response to weak demand and rising raw
material costs.
Fu Ziying, Vice Minister of Commerce, said it would be more
difficult to maintain stable export growth next year because of the global
financial turmoil.
Fu said the government should give more support to help
export-oriented enterprises to tide them over difficulties.
Xinhua
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