Source: CCTV.com

03-06-2009 13:29

Special Report:   Global Financial Crisis
Special Report:   2009 NPC & CPPCC Sessions

Video: Press conference on Chinese economy (Part 1) (Part 2)

Facing the financial crisis and maintaining stable economic growth were the subjects of a joint news conference by China's National Development and Reform Commission, the Ministry of Finance and the People's Bank of China on Friday morning. The 4 trillion yuan government stimulus package has become one of the top concerns for both the government and the people.

Zhang Ping, Minister of National Development and Reform  Commission

NDRC minister Zhang Ping noted that enlarging investment is one of the most direct and effective measures to stimulate economic growth. He says the stimulus plan has a clear focus and will not result in spending on overlapping construction projects.

He also gave detailed plans for the package. Projects related to civil welfare, rural development, infrastructure construction and environmental protection will all form a central part of the measure. Zhang Ping said the central government will spend 1.18 trillion yuan out of the 4 trillion yuan total investments.

Zhang Ping, Minister of National Development and Reform Commission said "If we look at the education plan for example, the central government will pay two thirds of the total investment amount, while local governments will fund the rest. Another example is low-rent housing projects. The central government will subsidize 300 yuan per square meter for central areas of the country, and 400 yuan for western areas. We will not subsidize eastern areas for such projects."

Zhang Ping said the details of the central government's investment each year must be checked and approved by the annual National People's Congress, and there may be some changes when carrying out these measures. He added that the central government has set up special groups to supervise the implementation of the stimulus package.

• Where The 4 trillion yuan goes:

Civil welfare projects: 400 bln yuan
Rural civil welfare projects: 370 bn yuan
Infrastructure construction: 1.5 tn yuan
Energy saving projects: 210 bn yuan
Industrial restructuring & technological upgrades: 370 bn yuan
Post-earthquake construction: 1 tn yuan

 

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Editor:Xiong Qu