China to continue proactive fiscal policy in H2: Finance Minister
GOV.cn Wednesday, July 28, 2010

China will continue its proactive fiscal policy in the second half of the year, focusing on speeding up economic restructuring, Finance Minister Xie Xuren said Tuesday.

Xie made the statement at a conference in Hefei, capital city of east China's Anhui Province. The conference aimed to outline plans for the country's financial work in the second half of the year.

He asked local authorities to give more attention to quickening the pace of economic restructuring and improve product quality and industrial efficiency.

The country would improve its macro-regulation policies according to changes in domestic and international economies, making the policies more flexible and targeted, Xie said.

China would continue efforts to boost domestic demand, especially consumption, in the second half, he said, urging better implementation of the minimum wage system and programs such as the subsidized home appliance purchase scheme in rural areas and auto replacement policy.

He also demanded continuous financial support for agricultural production, technological innovation and energy saving, emission cutting projects as well as disaster relief, among others.

China's fiscal revenue rose 27.6 percent year on year in the first six months of this year to 4.33 trillion yuan (640.32 billion U.S. dollars), the ministry said. Fiscal expenditure for the first half increased 17 percent to 3.38 trillion yuan.

In 2008, China shifted its fiscal policy from a "prudent" to a "proactive" stance and eased monetary policy from "tight" to "moderately loose," to counter the global financial crisis.

China's recovery has positive spillovers to global economy: IMF

WASHINGTON, July 27 (Xinhua) -- China's economic recovery has "significant positive spillovers" to the region and the world economy as a whole, the International Monetary Fund (IMF) said on Tuesday. Full story

IMF hails China's policy response in financial crisis 

WASHINGTON, July 27 (Xinhua) -- Chinese authorities "quick, determined and effective" policy response has helped mitigate the impact on the economy and ensured that China has led the global recovery, the International Monetary Fund (IMF) said on Tuesday. Full story

ADB extends loan to finance infrastructure projects in China

U.S. business wants China currency bill dropped from package

China's economy likely to see slowdown, not double dip: central bank  

Special Report: Global Financial Crisis

Editor: Pliny Han
Source: Xinhua