Last Updated: 5/21/2025 11:39:00 PM
Reuters quoted head of the country's top planning agency said China economy is stabilizing slowly as policy stimulus gains traction while the government's sustained property curbs have suppressed speculation. Mr Zhang Ping head of the National Development and Reform Commission told a meeting of the National People's Congress, or parliament that China two pronged policy program had been effective. He said "The government's policies and measures have been effective and the country's economic growth is stabilizing at a slow pace. He added that Speculative and investment demand have been effectively suppressed due to government control policies for the real estate market." Mr Zhang said both economic growth and consumer inflation were within the government's targeted range, while main reforms to adjust the economic structure were making progress. But he highlighted downward risks facing the economy because of global headwinds and domestic economic distortions. He also said China must step up efforts to boost domestic demand and press on with reforms to transform its growth model. Mr Zhang made the remarks when delivering a report to lawmakers on the progress of national economic and development plans in the first half of 2012. Mr Xie Xuren Finance Minister also told parliament that the government would continue to revamp its tax system by carrying out various reforms, including expanding property ownership tax and deepening reforms of resource tax and consumption tax. He also pledged to quicken the disbursement of export tax rebate and further expand the use of export credit insurance to support the battered export sector, repeating Premier Wen Jiabao position set out over the weekend. He added that "In the next stage, we will continue to implement proactive fiscal policy to promote stable economic growth and will push ahead with fiscal and tax system reform." Investors are nervously eyeing China's the domestic policy mix as external demand for the country factory goods sinks with its biggest customer - the European Union mired in a mess of sovereign debt and recession risks.
Reuters quoted head of the country's top planning agency said China economy is stabilizing slowly as policy stimulus gains traction while the government's sustained property curbs have suppressed speculation.
Mr Zhang Ping head of the National Development and Reform Commission told a meeting of the National People's Congress, or parliament that China two pronged policy program had been effective.
He said "The government's policies and measures have been effective and the country's economic growth is stabilizing at a slow pace. He added that Speculative and investment demand have been effectively suppressed due to government control policies for the real estate market."
Mr Zhang said both economic growth and consumer inflation were within the government's targeted range, while main reforms to adjust the economic structure were making progress. But he highlighted downward risks facing the economy because of global headwinds and domestic economic distortions.
He also said China must step up efforts to boost domestic demand and press on with reforms to transform its growth model.
Mr Zhang made the remarks when delivering a report to lawmakers on the progress of national economic and development plans in the first half of 2012.
Mr Xie Xuren Finance Minister also told parliament that the government would continue to revamp its tax system by carrying out various reforms, including expanding property ownership tax and deepening reforms of resource tax and consumption tax.
He also pledged to quicken the disbursement of export tax rebate and further expand the use of export credit insurance to support the battered export sector, repeating Premier Wen Jiabao position set out over the weekend.
He added that "In the next stage, we will continue to implement proactive fiscal policy to promote stable economic growth and will push ahead with fiscal and tax system reform."
Investors are nervously eyeing China's the domestic policy mix as external demand for the country factory goods sinks with its biggest customer - the European Union mired in a mess of sovereign debt and recession risks.
