China to improve macro-control measures

The Chinese government will strengthen and improve macro-control measures to boost economic and social development. This is the main message top economic officials sent at a joint press conference, the first of the 3rd plenary meeting of 11th National People's Congress.

Effective macro-control measures have been playing an important role in China's economic recovery from the global financial crisis.

Top economic planners say the government will continue improving macro-control measures. The measures will focus more on restructuring the economy, expanding domestic demand, reforming the tax system and improving people's wellbeing.

Xie Xuren, Minister of Ministry of Finance, said, "We will continue the proactive fiscal policy. We should balance the relations of keeping steady and rapid growth, optimizing the economic structure and managing expected inflation. We will maintain continuity and stability of macro-control measures. At the same time, we will make the measures more targeted and effective according to concrete situations. "

The measures include improving the structure of government spending. The government will boost spending on employment, low-income housing, education, energy conservation, innovation and social security.

Meanwhile, raising people's incomes, especially those of rural residents is a major measure to expand domestic demand.

Zhang Ping, Minister of National Development and Reform Commission, said, "We will give priority to the better distribution of incomes. A major target is to raise the proportion of labor wage in the initial distribution of national income."

The government will continue to implement the stimulus package.

Chen Deming, Minister of Ministry of Commerce, said, "China's stimulus package is conducted under the precondition of complying with WTO rules and opposing trade and investment protectionism. Our package of boosting domestic demand and expanding export is helping the recovery of the world economy and also cooperating with stimulus plans of other countries."

The central bank governor, Zhou Xiaochuan says China will adjust its monetary policy in accordance with changes in economic indicators.

The governor pledged to keep the RMB's exchange rate basically stable in 2010.

He also stressed the government will strengthen risk management and make financial oversights and supervision more effective.