Numbers of the Week

150 billion yuan

China's home appliance subsidy program in rural areas is expected to generate sales of 150 billion yuan ($22 billion).

1.52 trillion yuan

Social security funds, which include pension, medical care, unemployment, work injury, and childbirth payments, amounted to 1.52 trillion yuan ($222 billion) in 2008.

TO THE POINT:

Chinese Premier Wen Jiabao set several national economic targets for this year at the annual session of the National People's Congress in Beijing, and said parts of the central budget would be allocated to various sectors to shore up economic growth. State-owned enterprises administered by the Central Government reported dismal profits of $97 billion last year, a 30-percent year-on-year decrease. Spurred by the government stimulus plans, the purchase managers' index continued to rise for the third consecutive month in February, reflecting managers' restored confidence in the country's economic prospects. China increased its holdings of U.S. treasury securities last December to $727.4 billion, making it the largest holder of such investments. Sanlu dairy brand, which lost its credibility in the tainted milk scandal, was officially eliminated from the market after it was bought by Beijing-based dairy producer Sanyuan Group.

By LIU YUNYUN

Economic Targets for 2009

The government work report delivered by Premier Wen Jiabao at the Second Session of the 11th National People's Congress on March 5 in Beijing outlined economic targets for this year, including:

-8-percent GDP growth;

-9 million new urban jobs;

-4.6-percent registered urban unemployment rate;

-4-percent rise in the consumer price index;

-950 billion yuan ($140 billion) in fiscal budget deficit;

-17-percent growth in broad money supply;

-5 trillion yuan ($732 billion) in newly added loans;

-500 billion yuan ($73 billion) in corporate and personal income tax cuts;

-908 billion yuan ($133 billion) in Central Government investments;

-42 billion yuan ($6.1 billion) from the central budget to promote employment;

-331.8 billion yuan ($49 billion) for medical system reform investment during the next three years;

-716.1 billion yuan ($105 billion) from the central budget to support agriculture, rural construction and farmers' livelihoods;

-146.1 billion yuan ($21 billion) in central budget investments for science and technology research and development;

-293 billion yuan ($43 billion) in central budget investments for social security;

-130 billion yuan ($19 billion) from the central budget to support economic recovery efforts in earthquake-stricken areas.

Central SOEs' Profits Plunge

State-owned enterprises (SOEs) administered by the Central Government have succumbed to the global financial crisis.

The combined profit of the 141 enterprises shrank to 665 billion yuan ($97 billion) in 2008, dipping 30 percent from 2007, according to the State-owned Assets Supervision and Administration Commission (SASAC).

The SASAC said in a statement that the profit slump was mainly caused by a series of natural disasters, the global economic downturn, and policy-related losses incurred in the refined oil, petrochemical and power sectors where the government controls retail prices.