Wen Jiabao: The economy is better than expected in the first quarter

On the morning of the 11th, Premier Wen Jiabao of the State Council of the State Council who was here to attend the series of East Asian leaders in Pattaya, briefed the Hong Kong and Macao reporters on the domestic economic situation and answered questions in the hotel where he stayed.

Wen Jiabao told everyone that under the stimulation of a series of policy measures, the Chinese economy has already undergone positive changes in the first quarter, which is better than expected. First, domestic demand continued to increase, investment in fixed assets grew rapidly, and consumer demand grew steadily and rapidly. Although the import and export volume decreased compared to the same period of last year, it increased month by month. This shows that some industries and enterprises are gradually recovering their production. Second, the growth rate of industrial enterprises above designated size rose month by month. In the first two months, it increased by 3.8% year-on-year, and in March it increased by 8.3%. Third, the rising number of manufacturing purchasing managers index and entrepreneur confidence index indicate that the Chinese economy has started to stabilize and pick up in some areas. Fourth, boost market confidence and increase economic activity. The trading volume in the stock and real estate markets has expanded. The positive performance of these economic fields shows that the guidelines and policies formulated by the central government are timely, correct, and effective.

Wen Jiabao said that it should also be noted that the current Chinese economy still faces great difficulties. This is attributable to the fact that external demand has decreased and exports have fallen by a large margin, affecting exporters, export-oriented industries, and export-oriented regions. This resulted in a decline in corporate profits, reduced fiscal revenue, and increased employment pressure. With the deepening of the international financial crisis, we must not take it lightly. The international financial crisis has not yet reached its bottom. It is difficult to say that the Chinese economy has emerged from the crisis. China can not control the world, but China can not do without the world. We must do our best to minimize the impact of the crisis.

When answering a reporter's question on whether there will be further stimulus to the economic policy, Wen Jiabao said that at present, we must step up implementation of the various policy measures of the package plan, and the sooner it is implemented, the more favorable and active it will be. The first is to release budgeted additional economic stimulus investment as soon as possible. The second is to introduce as soon as possible the implementation of the rules for the adjustment and revitalization of the top ten industries. The third is to accelerate the construction of a social security system. The recently launched reform of the medical and health system has aroused world concern and it must be implemented. At the same time, it will closely monitor changes in the economic situation at home and abroad and formulate new solutions. We must focus on improving social security, improving people's livelihood, and strengthening environmental protection. We must focus on improving people’s lives and creating favorable conditions for expanding domestic demand. We would rather focus on the difficulty, estimate the time for the impact to be longer, and prepare the job more fully.

Responding to a question raised by a Hong Kong reporter on the cross-border trade settlement of RMB, Wen Jiabao said that the central government recently decided to implement a pilot program for cross-border trade in RMB in Guangzhou, Shenzhen, Dongguan, and Zhuhai, four cities in Shanghai and Guangdong. The pilot includes Hong Kong and Macao SARs, and the first foreign countries are ASEAN countries. The pilot program on regulatory documents can be issued in a relatively short period of time. The piloting of cross-border trade settlement of RMB will promote the development of Hong Kong's trade, allowing Hong Kong companies including Hong Kong companies in the Pearl River Delta and the Mainland to avoid exchange rate risks, further activate Hong Kong's financial industry and strengthen Hong Kong's position as an international financial center.

Wen Jiabao said that it should be noted that China is a developing country. Compared with developed countries, China’s financial reform and development has a short history, lack of experience and talents, and the system needs improvement. What we are currently implementing is the free exchange of RMB under trade items. The implementation of the free conversion of RMB under capital projects also requires a long process.

When answering a question raised by the reporter about CITIC Pacific, Wen Jiabao said that the problems that arise with CITIC Pacific must first be handled in accordance with the laws and regulations of the Hong Kong Special Administrative Region and financial regulations. The Mainland and other parties should not intervene. Second, after learning the facts and handling them, we must earnestly learn lessons. Including business philosophy, business direction, management level and strengthening supervision, there are many lessons worth learning.

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