Li calls for policies to encourage spending
Updated: 2013-04-18 00:55
By WEI TIAN and CHEN JIA (China Daily)
|
|||||||||||
The first is to introduce more consumer-friendly policies to encourage people to spend more on medical care, personal development during retirement and cultural interests. In the meantime, adequate funds will sustain the development of urban roads and rail transport, as well as public environmental facilities.
Second, the country's agricultural base should be protected so that an ample supply of farm products can help it steer clear of risk from abrupt price rises.
Third, more is to be done to improve the general welfare by providing jobs, medical care, financial support to students from low-income families and government subsidized housing units.
Fourth, reforms will reduce the number of official approvals, adjust the tax system and pricing practice for key production materials, further liberalize interest rates, move toward renminbi convertibility in the capital account and open up service industries.
Fifth, the State Council also highlighted the need to control the risk of local government indebtedness.
Jin Liqun, chairman of the board of supervisors of China Investment Corporation, said on Wednesday that economic growth may remain moderate for the next five years — lower than 8 percent year-on-year — as the advantage of abundant inexpensive labor recedes.
"China's economy should depend on creating more jobs by upgrading its industrial structure. Excessive reliance on investment in infrastructure construction is unsustainable," said Jin, who was also former vice-minister of finance.
The new leadership faces more challenges from social equity issues, an enlarged wealth gap and employment pressure, and a modest growth pace indispensable to solve those problems, he said.
Jin said the shadow banking system and increasing local debt are worrisome.
Related Stories
China-US economic cooperation goes local 2013-04-17 01:19
China's VAT reform boosts economic vitality 2013-04-15 16:35
Center focus on economic reform 2013-04-12 08:24
Overcapacity troubles China economy, reform needed 2013-04-15 15:31
Innovation is key to sustainable business and country's economy 2013-04-14 08:45
China needs to rebalance economy: economists 2013-04-04 21:43
Today's Top News
Live report: 7.0-magnitude quake hits Sichuan
Intl scholarship puts China on the map
More bird flu patients discharged
County struggles to recover
Telecom workers restore links
Relief materials to reach quake zone
Govt: faster transfer for foreign quake aids
Aftershocks, supply shortage hinder quake rescue
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |