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Fujian government investment spurs economic recovery

By Hu Meidong and Liu Xintian (皇冠体育app Daily Fujian Bureau)
Updated: 2009-08-20 17:24

Fujian鈥檚 GDP increased from 7.4% in the first quarter of this year to 8.5% in the first half of this year, according to a report released by the Fujian Statistic Bureau August 18. Industry, investment and consumption fields steadily developed, after the central government鈥檚 adjustment in fiscal policy took effect on November 4, 2008, as well as people鈥檚 livelihood, the report also showed.

The report indicates Fujian enlarged its government public investment, with capital source in the first half of 2009 including 30.084 billion yuan in budgetary funds (an increase of 101.7%) and investment in newly-commenced projects (an increase of 77.8%).

Government investment has become a major force to prevent economic downturn in the province. Spurred by government investment, Fujian鈥檚 fix asset investment and non-government investment has experienced an accelerated growth.

At the same time, tax cuts have contributed to economic recovery in many fields while fiscal subsidies have stimulated good sales in the market.