Communist Party leadership warns of "austere" year for China

Source: Xinhua | 02-24-2009 08:20

BEIJING, Feb. 23 (Xinhua) -- The ruling Communist Party of China (CPC) said Monday the country will launch a comprehensive economic package to tackle an "austere and complicated" year ahead.

"We will increase large-scale government investment, implement and readjust a plan to revive industries, make great efforts to boost innovations, and greatly enhance the level of social security," said a press release issued after a meeting of the Political Bureau of the CPC Central Committee.

The meeting was presided over Hu Jintao, general secretary of the CPC Central Committee.

The Political Bureau warned that 2009 would be the most difficult for China's economic development so far this century as "it is crucial for implementing the 11th Five-Year Plan (2006-2010), and the tasks of reform, development and stability are austere and complicated."

The meeting participants discussed a government work report which would be submitted to the forthcoming second annual session of the 11th National People's Congress, the national legislature.