Chinese Parliament Closed its Session on Consensus to Maintain Economic Growth at 8% (Mar 13)

      The Second Session of the 11th National People's Congress (NPC), China's top legislature, concluded here Friday morning after completing its nine-day agenda. It was the first parliamentary full session for China since the worldwide financial meltdown started last year.

      Lawmakers endorsed a government work report delivered by Premier Wen Jiabao on March 5 that called on the nation to promote economic and social development and outlined an all-around stimulus plan to shore up economy amid global downturn.

      Wen said in the report that the country is "able to achieve" an economic growth at about 8 percent as long as right policies are implemented.

      The stimulus package plan in a whole include four major components, including large-scale government spending, industrial restructuring and rejuvenation, scientific research and social safety net.  1.18 trillion yuan will be used in projects for public welfare, technological innovation, environmental protection and infrastructure projects.

      Other projects, including the 600 billion-yuan tax cut, old-age pension increase for enterprise retirees, salary increase to 12 million teachers, subsidies to farmers as well as an 850 billion-yuan three-year investment in health care reform were not included in the 4 trillion-yuan stimulus package.

      The premier also said that China has prepared plans to cope with even bigger difficulties amid the financial crisis and is ready to put forward new stimulus package at any time.

      For more reading: http://news.xinhuanet.com/english/2009-03/13/content_11004830.htm, http://news.xinhuanet.com/english/2009-03/13/content_11003441.htm, http://news.xinhuanet.com/english/2009-03/05/content_10945972.htm