Hu: Proactive fiscal policy will continue
Updated: 2012-09-08 07:12
By Wu Jiao in VLADIVOSTOK, Russia (chinadaily.com.cn)
China will continue to pursue a proactive fiscal policy and a prudent monetary policy, President Hu Jintao said Saturday while saying that the Chinese economy is facing "notable downward pressure".
Addressing the APEC CEO Summit, Hu said China "will ensure continuity and stability of macroeconomic policies and make macroeconomic regulation more targeted, flexible and forward-looking".
According to Hu, China will work to maintain balance among keeping steady and robust growth, adjusting economic structure and managing inflation expectations.
"We will boost domestic demand and maintain steady and robust growth as well as basic price stability", the president added.
Hu made the pledges as he cautioned that the Chinese economic growth is facing notable downward pressure and the economy still faces a major problem of the lack of balance, coordination and sustainability.
Some small- and medium-sized enterprises are having a hard time, and exporters are facing more difficulties, said Hu. In the first six months of this year, China's GDP grew by 7.8 percent year on year and retail sales increased by 14.4 percent.