CHINA SHIFTS COURSE AS EXPORT DEMAND SLOWS
Keith Bradsher
International Herald Tribune, October 20, 2008
The Chinese government has begun drafting tax and spending policies to stimulate the economy after economic growth slowed in the third quarter of this year to 9 percent, the slowest pace since an outbreak of SARS in 2003.
Industrial production and construction slackened from July through September because of weak exports, a slumping real estate market and temporary restrictions imposed during the Olympics, the Chinese National Bureau of Statistics announced Monday.
The Chinese State Council, or cabinet, met over the weekend and decided to shift the emphasis of economic policy toward maintaining "a stable and rapid economic development," state-controlled media reported Monday. The previous policy had been "to ensure growth and control inflation."
As part of the new policy, the State Council announced that it planned to increase export tax rebates for everything from labor-intensive products like garments and textile to high-value products like mechanical and electrical products. Banks will be encouraged to lend more money to small and midsize enterprises and a variety of support programs will be drafted to help farmers, the government said.
Keith Bradsher
International Herald Tribune, October 20, 2008
The Chinese government has begun drafting tax and spending policies to stimulate the economy after economic growth slowed in the third quarter of this year to 9 percent, the slowest pace since an outbreak of SARS in 2003.
Industrial production and construction slackened from July through September because of weak exports, a slumping real estate market and temporary restrictions imposed during the Olympics, the Chinese National Bureau of Statistics announced Monday.
The Chinese State Council, or cabinet, met over the weekend and decided to shift the emphasis of economic policy toward maintaining "a stable and rapid economic development," state-controlled media reported Monday. The previous policy had been "to ensure growth and control inflation."
As part of the new policy, the State Council announced that it planned to increase export tax rebates for everything from labor-intensive products like garments and textile to high-value products like mechanical and electrical products. Banks will be encouraged to lend more money to small and midsize enterprises and a variety of support programs will be drafted to help farmers, the government said.
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