WEN JIABAO UNVEILS INCREASED SOCIAL AND RURAL SPENDING FOR CHINA
Jane Macartney
The Times, March 5, 2010
China congratulated itself today on its escape relatively unscathed from the global financial crisis but warned against complacency and vowed the poor would not be forgotten in its economic advance.
In his annual “state of the nation” address to the opening session of the National People’s Congress, the rubber-stamp parliament, Premier Wen Jiabao drew thunderous applause from the nearly 3,000 deputies when he said that China’s economy had been the first in the world to turn around.
But the premier’s two hour speech was imbued with his traditional conservatism rather than triumphalism.
"We must not interpret the economic turnaround as a fundamental improvement in the economic situation," he said, speaking from the stage in the cavernous Great Hall of the People. "There is insufficient internal impetus driving economic growth."
Mr Wen set easily achievable goals for 2010, the year in which China is set to overtake Japan to become the world’s second-largest economy.
His target for gross domestic product was 8.0 per cent – unchanged from previous years and generally regarded as the minimum China believes it needs to ensure sufficient economic growth to prevent widescale unemployment and social unrest. Economists say China’s economy could return to double-digit growth this year.
Underscoring the government’s determination to avert instability, he unveiled increases of 8.8 per cent on social spending and 12.8 per cent on rural outlays. Those exceed the increase of 7.5 per cent for the military as China tries to narrow yawning wealth gaps that have resulted in the widest income disparity since the launch of market-oriented economic reform 30 years ago.
The budget deficit would again be kept below 3 per cent of national income. Last year the deficit was just 2.2 per cent of GDP, despite its massive 4.0 trillion yuan (£400 billion) stimulus package that helped to ensure the economy grew by 8.7 per cent last year.
(...) [artículo aquí]
Jane Macartney
The Times, March 5, 2010
China congratulated itself today on its escape relatively unscathed from the global financial crisis but warned against complacency and vowed the poor would not be forgotten in its economic advance.
In his annual “state of the nation” address to the opening session of the National People’s Congress, the rubber-stamp parliament, Premier Wen Jiabao drew thunderous applause from the nearly 3,000 deputies when he said that China’s economy had been the first in the world to turn around.
But the premier’s two hour speech was imbued with his traditional conservatism rather than triumphalism.
"We must not interpret the economic turnaround as a fundamental improvement in the economic situation," he said, speaking from the stage in the cavernous Great Hall of the People. "There is insufficient internal impetus driving economic growth."
Mr Wen set easily achievable goals for 2010, the year in which China is set to overtake Japan to become the world’s second-largest economy.
His target for gross domestic product was 8.0 per cent – unchanged from previous years and generally regarded as the minimum China believes it needs to ensure sufficient economic growth to prevent widescale unemployment and social unrest. Economists say China’s economy could return to double-digit growth this year.
Underscoring the government’s determination to avert instability, he unveiled increases of 8.8 per cent on social spending and 12.8 per cent on rural outlays. Those exceed the increase of 7.5 per cent for the military as China tries to narrow yawning wealth gaps that have resulted in the widest income disparity since the launch of market-oriented economic reform 30 years ago.
The budget deficit would again be kept below 3 per cent of national income. Last year the deficit was just 2.2 per cent of GDP, despite its massive 4.0 trillion yuan (£400 billion) stimulus package that helped to ensure the economy grew by 8.7 per cent last year.
(...) [artículo aquí]
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