Premier Wen Jiabao said China would ramp up its budget deficit to hit the government's coveted 8 percent growth target but did not make the announcement markets had craved of an increase in its 4 trillion yuan ($585 billion) economic stimulus plan.
In his annual work report on Thursday to the National People's Congress, the largely ceremonial parliament, Wen said the 2009 growth goal was realistic despite a deepening global financial crisis.
"It needs to be stressed that in projecting the GDP growth target at 8 percent, we have taken into consideration both our need and ability to sustain development in China," he said. "As long as we adopt the right policies and appropriate measures and implement them effectively, we will be able to achieve this target."
Global markets soared on Wednesday on speculation that Wen would add to the stimulus plan unveiled in November to head off a rise in unemployment that could threaten the social stability prized by the ruling Communist party.
Wen said China's budget deficit this year -- 950 billion yuan -- would jump to almost 3 percent of national income from 0.4 percent in 2008. By comparison, the United States is planning for a deficit of 12.3 percent of GDP this year.
Investment spending, covering everything from railways to affordable housing, will double; outlays on health care will rise 38 percent; and spending on the social safety net and employment will go up 22 percent, according to the 2009 budget.
But Wen announced no increase in the 4 trillion yuan price tag of November's pump-priming package to revive the world's third-largest economy, which has been hit by a slump in demand for its exports. more...
Tidak ada komentar:
Posting Komentar