Special Report:Global Financial
Crisis
BEIJING, Dec. 3
(Chinese media) -- China's State Council, or the Cabinet, said Wednesday it would adopt
more favorable policies and update the financial system so as to encourage the
country's commercial banks to grant more loans to support economic growth.
At an executive meeting presided over by Premier Wen
Jiabao, the Cabinet also said measures should be taken to raise the country's
ability to ward against risks among financial institutions.
Banks, security firms and insurers should be used in
a combined way to expand financing and control risks, so that the financial
sector would play a better role in supporting economic growth and contributing
to industrial restructuring, it said.
In the face of the global financial crisis, it was
imperative to implement a pro-active fiscal policy and a moderately easy
monetary policy, and the financial sector should enhance its role in economic
development.
The meeting said nine measures would be taken to
boost the role of the financial sector.
First, the Cabinet said the government would use such
tools as the reserve requirement ratio, interest rates and exchange rates to
ensure adequate liquidity for the banking sector. In addition, an extra 100
billion yuan (14.6 billion U.S. dollars) of credit volume for 2008 would be
given to the country's three policy banks, namely China Development Bank, China
Export and Import Bank and China Agricultural Development Bank.
The second measure was aimed to improve the credit
service of commercial banks to meet the demand for loans among medium- and
small-sized enterprises, investors in the countryside as well as consumers such
as house and car buyers.
Other measures included speeding up construction of a
stronger capital market, updating methods of financing, improving the management
of foreign exchange, using fiscal funds to help the financial sector reduce bad
assets, and deepening financial reform to better monitor potential risks.
Think tank: China economy to grow more
than 9% in 2009
BEIJING,
Dec. 2 (Chinese media) -- Chinese economy is forecast to grow by more than 9 percent
next year, according to an annual blue paper released by the Chinese Academy of
Social Science on Tuesday.
Despite the huge uncertainty in 2009, China could still
achieve a 9-percent growth as long as it unveils timely and suitable
macro-economic control measures to boost domestic demand, said the blue paper.
Full story
China to set strategy for 8% GDP
growth
BEIJING, Dec. 3 -- China's
top economic policy makers will meet next week to decide how to secure growth of
at least 8 percent, outpacing the World Bank's more pessimistic forecast,
government officials said Tuesday.
The annual Central Economic Work Conference, scheduled for
Monday through Wednesday, will tackle ways to implement the recently adopted
"expansive" fiscal policy and "moderately easy" monetary policy, officials
said. Full story
World Bank cuts 2009 China growth forecast to 7.5% vs.
9.2
BEIJING, Nov. 25 (Chinese media) --
The World Bank on Tuesday cut its 2009 forecast for China's economic growth to
7.5 percent, from 9.2percent previously, in a report released here.
With the financial crisis spreading globally, the impact
on China is expected to intensify amid a global fund squeeze and a slowdown in
export growth in 2009, the World Bank said in its China Quarterly Update.
Full story
Vice premier: Tap consumption
potential to sustain China growth
BEIJING, Dec. 2 (Chinese media) -- Chinese Vice Premier Wang Qishan has called for more
concrete measures to tap China's domestic consumption potential to sustain
economic growth.
External demand for Chinese goods has fallen markedly amid
the global financial crisis, while domestic consumption power also fell, Wang
told recent meetings on foreign and domestic trade. Full story
China planner offers details on 4 trln
yuan stimulus package
BEIJING, Nov. 14 (Chinese media) -- A senior
Chinese planning official told reporters here on Friday that the new 4 trillion
yuan (586 billion U.S. dollars) economic stimulus package includes 1.18 trillion
yuan from the central government through 2010.
Mu Hong, vice director of the National Development and
Reform Commission (NDRC), said the agency would add 100 billion yuan of new
investment during the fourth quarter. Full story
China outlines tasks for next year's
economic work
BEIJING, Nov. 28
(Chinese media) -- The Political Bureau of the Communist Party of China (CPC) Central
Committee convened a meeting here on Friday, analyzing and studying the economic
work of next year and setting out major tasks.
The meeting said that this year has been eventful and the
country has risen to many daunting challenges, including the global financial
crisis and domestic natural disasters. The economy has maintained a stable and
relatively fast growth and society has been stable, which are hard-won
achievements, it said. Full story
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