The economy faces pressure from weak global recovery and domestic constraints, Lou Jiwei said at a news conference during the annual session of
the National People’s Congress yesterday.
Signs of recovery remain unclear for the United States, and China is laden with obligations to cut debt, Lou said.
“We must adopt a moderately expansionary fiscal policy in coping with downward pressures, as we deleverage the economy step by step while preventing
it from nose-diving,” he said.
The government has raised its budget deficit to 1.62 trillion yuan (US$259 billion), or about 2.3 percent of GDP, compared with 2.1 percent last year.
It was the widest since the 2.8 percent deficit recorded in 2009, when the government unveiled a 4 trillion yuan stimulus package in response to the global
financial crisis.
The actual fiscal deficit was 1.8 percent last year, and an unspent 112.3 billion yuan from the past two years’ budgets was transferred to this year’s
expenditure plan.
Lou said the transfer is part of the authority’s efforts to boost fiscal revenue along with measures to lift consumption tax on fuel and the proportion
of profits that should be paid to the government by state-owned companies and
tobacco firms.
The central bank’s decision to cut interest rates could also improve fiscal conditions as central and local governments could lower their funding costs from
bond issuance.
China will keep its macroeconomic policy stance unchanged this year, vowing a proactive fiscal policy and prudent monetary policy, according to the government
work report released on Thursday.
A proactive fiscal plan denotes a moderately expansionary policy that creates demand and stimulates the economy primarily by expanding domestic investment.
The government has ruled out major stimulus measures as China is still struggling with the aftermath of the 2009 stimulus that resulted in a mountain
of local government debt.
Lou said local governments will repay more than 100 billion yuan of debt this year and the ministry is reviewing local government reports of debt burdens so
as to map out reforms targeting their root cause.
DAR ES SALAAM, May 10 (Xinhua) -- A new study released on Wednesday in Tanzania's northern tourist city of Arusha said air transport liberalization
within the East African Community (EAC) could earn the region 202.1 million U.S.
dollars in gross domestic product (GDP) annually.
The report, Costs and Benefits of Open Skies in the East African Community, was commissioned by the East African Business Council (EABC) and the EAC
Secretariat.
The study said the airspace liberalization among Tanzania, Kenya, Uganda, Rwanda and Burundi could also result in an additional 46,320 jobs.
The study focuses on the impact of implementing the Yamoussoukro Decision (YD) in East which among other things, call for African countries restrict their
air services markets to protect the share held by state-owned air carriers.
"The study analysis demonstrates that increased air service and traffic resulted in positive benefits for the total EAC economy," said Lilian Awinja,
EABC chief executive officer.
She urged EAC member states to harmonize air transport regulations specifically taxes across the region and finalize the EAC Liberalization of Air
Transport Regulations also fully implement Yamoussoukro Decision.
According to the World Bank, Africa is a home to 12 percent of the world's people, but it accounts for less than 1 per cent of the global air service
market.
The Yamoussoukro Decision commits its 44 signatory countries to deregulate air services, and promote regional air markets open to transnational
competition.
It followed up on the Yamoussoukro Declaration of 1988, in which many of the same countries agreed to principles of air services liberalization.
In 2000, the Decision was endorsed by head of states and governments at the Organization of African Unity, and became fully binding in 2002.
Jiaolong conducts last dive in South China Sea
"Golden Bridge on Silk Road" structure constructed in Beijing
In pics: Qinzhou port in S China's Guangxi
Scenery of Hanzhong City in NW China's Shaanxi
Chinese submersible explores turbidity current in South China Sea
Straw art gala held in E China's Shandong
Xinjiang Int'l Grand Bazaar held in Urumqi, NW China
8th China Peking Opera art festival to be held in Nanjing
DAR ES SALAAM, July 22 (Xinhua) -- A leopard strayed into a village on Friday night in Tanzania's eastern district of Handeni in Tanga region and inflicted
injuries on 3 people, police said on Saturday.
Benedict Wakulyamba, Tanga regional police commander, confirmed the attack of the leopard on the three villagers saying the animal disappeared after the night
raid.
"The animal raided Gole village on Friday at night and attacked the villagers," said Wakulyamba.
Twahibu Hassan, one of the victims, said the leopard found its way in Gole village on Friday at night and started attacking residents it came across.
"I screamed to alert people that I was in trouble but help seemed to be very far away since most of the people were asleep at that time," said Hassan.
Hamisi Rashidi, another victim, said when he heard the noise from Hassan he came out of his house on a rescue mission only to end up being. Carlos Pena Mexico Jersey Miguel Monteiro Portugal Jersey Moussa Sissoko France Jersey Nathaniel Clyne England Jersey Mario Mandzukic Croatia Jersey Marlos Moreno Colombia Jersey Ricardo Oliveira Brazil Jersey Simon Mignolet Belgium Jersey Matias Kranevitter Argentina Jersey Martin Campana Uruguay Jersey
