Ummid Assistant

Applications open for Manmohan scholarship at Cambridge

Opportunities for Indian students in US

Welcome Guest! You are here: Home » Business & Economy

China's top economic planner defends macro-economic policy

Wednesday March 06, 2013 01:39:51 PM, IANS

Beijing: China's top economic planner Wednesday defended the government's economic policy as a means of effectively defusing a crisis and maintaining high growth momentum over the past five years.

"I don't want to boast that 'the scenery is unique here', but we have achieved great success over the years," said Zhang Ping, head of the National Development and Reform Commission, at a press conference on the sidelines of the first session of the 12th National People's Congress, China's top legislature.

"In the course of maintaining steady and fast economic growth, we have bettered our economic structure, particularly our demand structure. Expanding domestic demand is our most effective weapon to overcome the global financial crisis and respond to external crisis," Xinhua quoted Zhang as saying.

In 2012, consumption replaced investment to fuel Chinese economic growth, he said.

Over the past five years, China has met unprecedented challenges, particularly from the international financial crisis, as well as from severe natural disasters.

"... China has adopted a series of policies and measures and gradually formulated a package plan to face up to the challenges and achieve great success," said Zhang.

Over the past five years, China realized 9.3-percent annual growth in its gross domestic products (GDP) on average, while keeping to steady growth.

China's economy has continued to reach new heights, said Zhang, with GDP exceeding 30 trillion yuan in 2008, 40 trillion yuan in 2010, and 50 trillion yuan in 2012, the fastest growth worldwide.

People's living standards were improved too. During the period, the income of rural residents rose by 9.9 percent and that of urban residents climbed by 8.8 percent annually on average.

In addition to expanding domestic demand to support economic development, Zhang said, the package to boost the economy comprised promulgating adjustment plans for 10 industrial sectors; encouraging innovation of science and technology to support long-term development; and maintaining social security and improving people's wellbeing.

China also deepened reform of the fiscal, taxation and monetary systems during this timeframe.

"All these results have shown our countermeasures are effective...," said Zhang.

However, he warned: "Naturally, we have met many problems. Our technology innovation capacity remains weak, and our industrial structure demands further adjustment. We must deepen reform in systems and mechanisms."


Home | Top of the Page


Note: By posting your comments here you agree to the terms and conditions of

Comments powered by DISQUS


More Headlines

Girls in Bihar village: We are no less important than men

Soviet soldier, missing for 33 years, found in Afghanistan

Jupiter moon lander project to get first funding in 2014

End of an era: Charismatic Venezuelan President Hugo Chavez dead

Home ministry issues visa to Iran cyclists at 11th hour

Intoxication behind most of crimes: Ravi Shankar

Declare Hindus as minority in J&K, northeast: BJP MP

Zia ul Huq killing: Police step up probe

Activists protest against food security bill

Kolkata exhibits unknown women freedom fighters

Youth killed in Kashmir firing

AIIMS student commits suicide in hostel


Top Stories

Former Maldivian president Nasheed held in Male

Former Maldivian president Mohammed Nasheed was arrested Tuesday, causing a fresh uproar and protests in this capital city, Xinhua reported.  »

Maldivian court issues second arrest warrant for Nasheed

Ex Maldives Pres Nasheed takes sanctuary at Indian High Commission


  Most Read

End of an era: Charismatic Venezuelan President Hugo Chavez dead

Venezuelan President Hugo Chavez lost his battle with cancer Tuesday at the age of 58.  »

Hugo Chavez: Charismatic leader who raised Venezuela's profile

Mani Shankar Aiyar equates Modi with Hitler

Continuing his tirade against Gujarat Chief Minister Narendra Modi, senior Congress leader Mani Shankar Aiyar equated him with Hitler and stated that his divisive policies will prove detrimental to India's  »

Wharton India forum cancels Modi's videoconference address


  News Pick

Youth killed in Kashmir firing

According to police sources, Tahir Lateef Sofi, 29, was killed in firing by security forces at Chatipadshahi Bridge in Baramulla town when protestors, demanding the return of the body of parliament accused convict Afzal Guru, pelted stones at some army vehicles  »

Zia ul Huq killing: Police step up probe, opposition seeks Raja Bhaiyya's arrest

Police Tuesday stepped up the probe in its senior officer's killing in Uttar Pradesh's Pratapgarh district with a team of experts visiting the area where he was brutally assaulted by a mob  »

Desecration of Qur’an in Al-Aqsa courtyard slammed

The Arab League yesterday strongly condemned the incident of an Israeli officer kicking the Holy Qur’ran and assaulting several women who were in the courtyards of Al-Aqsa Mosque in Jerusalem. Assistant Secretary  »

It kills me not to be president, says Romney

As President Barack Obama faces one crisis after another, Mitt Romney, his Republican opponent in the November election, says "it kills me" not to be in the  »


Picture of the Day

Paratroopers in formation of Akashganga during the Indian Air Force Fire Power demonstration Exercise 'Iron Fist 2013' at Pokharan, Jaisalmer, Rajasthan on February 22, 2013.


Recommend the story to your friends



RSS  |  Contact us


| Quick links



Subscribe to

Ummid Assistant



Science & Technology



About us




Government Schemes










Contact us


The Funny Side

Education & Career Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

© 2012 Awaz Multimedia & Publications. All rights reserved.