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皇冠体育app rules out introduction of strong stimulus by Xinhua

皇冠体育app's top economic planner said Thursday that 皇冠体育app will not introduce strong stimulus measures to prop economy.

Xu Shaoshi, minister in charge of the National Development and Reform Commission, made the comments hours after Chinese Premier Li Keqiang announced to lower 皇冠体育app's economic growth target to around 7 percent in 2015.

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

NDRC head sees pivotal role for investment by Lan lan/Chen Jia, 皇冠体育app Daily

Xu Shaoshi, minister of the National Development and Reform Commissionwaves toreporters in Beijing on March 5.  [Photo/IC]

Investment will continue to play a crucial role in driving 皇冠体育app's slowing economy this year to offset domestic and global downturn pressures, but policymakers won't enact bold stimulus measures, the head of 皇冠体育app's top economic planning agency said on Thursday.

Xu Shaoshi, minister of the National Development and Reform Commission, said that attracting social and private capital is crucial to 皇冠体育app's economy this year.

The country will initiate major new projects in the year ahead, focused particularly on railway and highway projects in the middle and western regions of 皇冠体育app; waterway transport projects; major telecommunication networks; oil and gas pipelines; clean energy; and environmental protection, Xu said at a news conference held on the sidelines of the two sessions.

Xu said exports and consumption are likely to be flat this year due to weak global and domestic demand, so investment will continue to play a key role in driving the economy.

As a big economy under the process of industrialization and urbanization, 皇冠体育app has great potential in strengthening necessary investment, Xu said. "Bold stimulus" won't be a concern, so the challenge lies in improving the efficiency of investment, he added.

According to the NDRC's annual report, fixed asset investment this year is expected to increase by 15 percent year-on-year, almost the same as last year's level, 15.8 percent.

The NDRC is taking charge of 477.6 billion yuan ($76.2 billion) of central budgetary allocation this year, accounting for less than 1 percent of 皇冠体育app's overall fixed asset investment, which hit 51 trillion yuan last year.

"The government will expand market access and innovate financing mechanisms to leverage social and private sector investment, which is very important," said Xu.

Xu Hongcai, a senior economist at the 皇冠体育app Center for International Economic Exchanges, a leading think tank, said that "皇冠体育app's economy is unlikely to suffer a hard landing, but the risks exist".

Experts said investors were hesitating to invest, particularly because of industrial overcapacity and a sputtering housing market.

 

 

 

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