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China will adjust the orientation of investment using treasury
bonds to make full use of their role in promoting restructuring and
balancing development, the country' s top legislature was told
Saturday.
Ma Kai, minister in charge of the State Development and Reform
Commission, made the remarks in his report to the legislature on
the implementation of the 2003 Plan for National Economic and
Social Development and on the 2004 Draft Plan for National Economic
and Social Development.
"Premier Wen Jiabao pointed out in his government work report
yesterday that we would issue 110 billion yuan worth of long-term
construction treasury bonds this year. We must manage and use them
well in line with the resolutions of this session."
This year, he said, the focus of these funds will be shifted
from the previous emphasis on expanding domestic demand and
stimulating economic growth to promoting restructuring and
balancing economic and social development.
They will be mainly used for the following:
- to increase support for developing agriculture and rural areas
by building more small and medium-sized infrastructure projects
such as water-efficient irrigation facilities, potable water
supplies, roads, methane production facilities, hydroelectric
plants and pasture enclosure projects, so as to promote balanced
urban and rural development, he said.
- to place greater emphasis on developing social undertakings by
investing more in infrastructure projects for public health and
medical care, elementary education, primary-level governments,
people's courts and public security, procuratorial and judicial
organs, so as to promote balanced economic and social
development;
- to support development of the western region and adjustment
and transformation of northeast China and other old industrial
bases, so as to promote balanced regional development and;
- to continue to improve ecological conservation and
environmental protection, so as to promote balanced development
between man and nature; and to build more key infrastructure
projects, so as to create the conditions necessary for long-term,
stable economic and social development.
(China Daily March 6, 2004)
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