More to do to increase economy
According to the country’s top planning official, the economy is declining fast rather than getting better. But the government will take effective measures to increase domestic demand and create more job opportunities, said Zhang Ping, minister of the National Development and Reform Commission (NDRC).
He said at a press conference in Beijing that they must take forceful and effective measures to stop undue slowdown of the economy.
Zhang’s words came a day after the central bank cutting the interest rate by 1.08 percentage points, which is the highest in 11 years. The act of cutting interest and the stimulus package are expected to boost domestic investment.
The additional importance of raising domestic demand is gained because of many foreign buyers having slashed their orders with Chinese companies.
The government has showed the details of how they will spend the more than 40 percent of the initial 100-billion-yuan investment package, according to Zhang. It has promised to stop the growth rate from sliding further from the 9 percent in the third quarter of this year with the investment package.
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Yah! right economy is fast declining due to global crisis. But it is good to hear about the intervention or moved to help the economy regain back to its stable position. Increasing domestic demand and more job opportunities might help. Great!