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BEIJING, April 16 (Xinhua) -- Chinese Premier Wen Jiabao said Thursday that government stimulus moves had begun to produce results and the economy was now in "better-than-expected" shape. Wen's remarks at a cabinet executive meeting came after the government said there had been positive economic changes, even though the economy grew just 6.1 percent in the first quarter, the slowest pace in a decade. The premier cited pick-ups in investment, consumption and industrial output, abundant liquidity in the banking system, and improved market expectations as signs of those "positive changes." The National Bureau of Statistics said Thursday that first-quarter industrial output grew 5.1 percent year on year, with a rise of 8.3 percent in March. It also said fixed asset investment rose 28.8 percent to 2.81 trillion yuan (413.2 billion U.S. dollars), with real growth exceeding 30 percent, while retail sales grew 15 percent to 2.94 trillion yuan. Such positive changes indicated that the government's macroeconomic policies, taken since the second half of last year, have been "timely, powerful, and effective," said Wen, who presided over the meeting. China announced a 4-trillion-yuan stimulus package last November to boost domestic demand, slashed interest rates five times since last September, unveiled support plans for 10 key industries, and projected a record fiscal deficit of 950 billion yuan this year. These measures were prompted by a collapse in exports as the global downturn took its toll on the world's fastest-growing economy. China's economic growth cooled to a seven-year low of 9 percent last year, ending five years of double-digit expansion. "However, we must also be clear-headed and understand that grounds for the country's economic recovery are not solid enough yet, as circumstances both at home and abroad remain grim," Wen warned. He said that global financial turmoil was still spreading, and was exerting a deepening influence on the national economy. The premier cited continued falling in external demands, oversupply in some sectors that would suppress industrial output growth and worsen corporate earnings, reluctance in private investment, increased difficulty in raising farmers' income, the dwindling fiscal revenue, and the acute pressure to create enough jobs. He warned against blind optimism and called for unslackened efforts to achieve the country's goals of social and economic development. China is aiming to achieve an 8-percent growth this year, which has long been held as essential for the populous developing nation. "We should anticipate more risks and difficulties ahead, expect a longer time frame within which we would be able to overcome the crisis, and get prepared with more satisfying measures." The government would focus on following moves, according to the premier. -- To bring into play measures aimed at expanding investment. The country would soon cash in the third batch of pledged central government investment. The central government has so far cashed in 230 billion yuan (33.8 billion U.S. dollars), which is part of the 4-trillion-yuan stimulus package. The government would also revise government approval of investment projects -- or loosen government grip on investment project approval, to encourage private investment, and would continue the work on stabilizing and expanding foreign investment. -- To expand consumption, and consumer spending in particular. The country would continue to improve its policy for subsidies to farmers who buy designated brands of home appliances, and stimulate spending on culture, tourism and information in the service sector. It would also try to keep spending on such items as housing and auto stable. -- "Using every possible means" to maintain stable trade growth. The government would scrap policies that could restrict exports, and extend support to exports of hi-tech and labor-intensive products. It would also increase imports of important energy resources, heavily-demanded raw materials and key technologies and equipment, and encourage domestic firms to invest overseas. -- To keep the stable development of agriculture. The country would continue to carry out policies favorable to farmers and agriculture. It would initiate the plan to increase the country's grain output by 50 million tonnes over the next 12 years. -- To promote the restructuring of key industries. The government will unveil details of the stimulus packages for10 key industries as soon as possible, and cash in the fund from central government that will be exclusively used for the restructuring and technological renovation. The Chinese government would improve policies in favor of innovation and hi-tech industries, and may cultivate new growth in sectors of new energy, energy conservation, environmental protection, bio-pharmaceuticals, telecommunications and modern services. -- To advance with efforts to improve people's livelihood. The government would make public the execution plan and documents for the huge health care reforms as soon as possible. The reforms are aimed to provide universal health care to the country's large population. It would continue to provide support to migrant workers and college graduates who are hunting for jobs. -- To make sure the financial system is providing necessary support for the economic growth. The government would adjust the market demand for capital and ensure capital is used to fuel the economic growth. It would give more support to small- and medium- sized enterprises to meet their capital demand. -- To increase fiscal revenue by making more efforts to collect taxes that are due according to laws and regulations, and at the same time cutting back on unnecessary expenditures.
PATTAYA, Thailand, April 11 (Xinhua) -- China, Japan and South Korea agreed here Saturday to continue pushing forward the Six-Party talks aimed at realizing denuclearization of the Korean Peninsula. The consensus was reached when Chinese Premier Wen Jiabao, Japanese Prime Minister Taro Aso and South Korean President Lee Myung-bak met here to discuss the recent rocket launch by the Democratic People's Republic of Korea. Discussions about related issues should be conducive to maintaining the progress of the Six-Party talks, peace and stability on the Korean Peninsula and in Northeast Asia, Wen said. Chinese Premier Wen Jiabao meets with Japanese Prime Minister Taro Aso(r) and President of the Republic of Korea (ROK) Lee Myung Bak(l) in Pattaya, Thailand, on April 11, 2009 Any action that may further complicate the situation should be avoided, he emphasized. The three leaders also agreed to strengthen cooperation between China, Japan and South Korea and push forward their cooperation with the Association of Southeast Asian Nations. The three leaders expected to meet in China later this year for the second summit of Chinese, Japanese and South Korean leaders.
BEIJING, Feb. 9 (Xinhua) -- Chinese Vice Premier Li Keqiang said Monday that employment and people's livelihood should be guaranteed. Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when visiting the southern Guangdong Province, a major base for export-oriented manufacturers that had provided jobs for many migrant workers. Li highlighted the importance of providing stable job opportunities, asking local governments to make every effort to support steady production of manufacturers and thus ensure employment. Professional training and employment guidance should be given to job seekers, especially migrant workers, to help them maintain their incomes, said Li. He also urged local authorities to strengthen support to enterprises and help them develop new markets and upgrade their technology.Chinese Vice Premier Li Keqiang (2nd L, front), who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits Yantian Port in Shenzhen, south China's Guangdong Province, Feb. 7, 2009. Li Keqiang paid a visit to Guangdong Province from Feb. 6 through 9.
BEIJING, March 26 (Xinhua) -- China on Thursday voiced its strong dissatisfaction over the new report by the U.S. Defense Department on China's military strength. Hu Changming, spokesman of China's Defense Ministry, said the report severely distorted facts, censured China's legitimate and normal national defence development, and disseminated the mainland's "so-called military threat" to Taiwan. "China is strongly dissatisfied with it and resolutely opposes it," said Hu. "China unswervingly sticks to a path of peaceful development and pursues a national defense policy which is purely defensive in nature." Hu noted that China is not in an arms race of any form and constitutes no threat to other countries. Hu said the report, which continued the dissemination of the "Chinese military threat" theory and severely distorted facts, was absolutely groundless. Hu said Sino-U.S. military ties have not yet completely moved out the difficult period as many obstructions still await to be got over. "The report, issued under such circumstance, could only bring negative influence to the resumption and development of bilateral military ties." "We urge the United States to stop issuing such a report on China's military strength and immediately take effective measures to dispel the baneful influence caused by the report so that bilateral military ties will incur no further damages," Hu added. The Pentagon on Wednesday released its annual report about the Chinese military repeating its complaint about "limited transparency." It questioned the "purposes and objectives" of the People's Liberation Army (PLA).
BEIJING, April 12 (Xinhua) -- China Pacific Insurance, one of the country's largest insurers, announced Saturday that its net profit dropped 80.6 percent to 1.339 billion yuan (196 million U.S. dollars) in 2008. The Shanghai-based insurer attributed the profit decrease to the sluggish stock market performance and the large amount of insurance indemnity after several natural disasters last year. However, the premium income of the company rose 26.6 percent to94.02 billion yuan, said the firm in its 2008 annual report. Its life insurance premium income increased 30.4 percent to 66.09 billion yuan last year, ranking the third in the domestic market. Its property insurance premium rose 18.7 percent to 27.88 billion yuan, making it the second largest among its peers.