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March 6, 2015

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Home » Business » Finance

NDRC head sees no strong moves to prop economy

CHINA’S top economic planner said yesterday that the country will not introduce strong stimulus measures to prop the economy.

Xu Shaoshi, head of the National Development and Reform Commission, made the comment hours after Premier Li Keqiang lowered China’s economic growth target to around 7 percent in 2015.

Xu, however, underlined the importance of investment, which he believes continues to play a key role in promoting the Chinese economy.

“We need to encourage multi-pronged investment and increase investment efficiency,” he said at a press conference.

Xu said more investment will be made to increase the supply of public products and services, ranging from information technology and electricity to railway and water conservancy projects, in the world’s second-largest economy that is still lagging behind industrialized countries in infrastructure construction.

Premier Li, in his government work report to the annual session of the national legislature, said China will invest more than 800 billion yuan (US$128 billion) in railway construction and another 800 billion yuan in major water conservancy projects in 2015.

Xu promised to ease the investment and financing regulation and make the Chinese market more accessible to domestic and overseas private investors.

Xu also said China will further encourage projects that export Chinese industrial capacity and equipment under a “win-win” principle.

He said China has plenty of comparable industrial capacity, but it is not fully utilized. On the other hand, there is a huge amount of demand in some overseas countries, Xu added.

Chinese companies have undertaken a number of railway projects in Africa and Latin America, with the latest example being a 1,344-kilometer railroad spanning Angola that was put into operation in February.

Besides, Xu said China was not worried about the spillover effects of the quantitative easing moves of some major central banks, but will closely watch their implications for the Chinese economy.




 

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