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UPDATED: November 4, 2008  
NPRC: China Aims to Stimulate Domestic Consumption
China will adopt a series of measures to prevent the impact of global financial crisis on its economy

China says it will adopt a series of measures to prevent the impact of global financial crisis on its economy.

Han Yongwen, the Secretary General of National Development and Reform Commission says China will further stimulate investment and boost domestic consumption.

He says for instance, China's agricultural infrastructure, particularly the water conservancy infrastructure, is relatively weak. So, if we speed up the work in this field, huge investment demand will be created. Furthermore, the railway network in China is urgently needed to be improved, especially in those important arteries.

He adds that the public infrastructure is another crucial growth point for investment in China and the next step is to resolve the conflict between the fast developing economy and relatively lagging public infrastructure.

According to the statistics, China's fixed investment has increased by 27 percent, and gross retail sales 22 percent, over the last three quarters. Han Yongwen expressed the confidence in the prospect of Chinese economy.

Indeed, there exist worries among the public that the growth of Chinese economy will slow down due to the global financial crisis. The central government has adopted measures to cope with it and it is believed that China's annual economic growth will not slow down to 9 percent and will keep in a high level this year, says Han.

(CRIENGLISH.com November 4, 2008)

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