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| Well－off society, a realistic objective for China （2） |
| CCTV.COM 2002-11-12 09:11:02 |
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This is confirmed by Dai Xianglong, governor of China's central bank －－ the People's Bank of China.
He says, the country's high savings rate which puts it ahead of other countries in the world is a guarantee for sufficient credit capital. The central bank will apply various monetary policies to increase monetary supply.
The governor predicts that the future rise in monetary supply in China will exceed by a fairly big margin growth of the economy and commodity prices put together.
"China is capable of raising funds from diverse channels to sustain the building of a well－off society in an all－round way," he says.
Delegate Li Xueyong, vice minister of science and technology, says, since China's reform and opening up in 1978, scientific and technological input has increased steadily with an improved operation mechanism under the guidance of "rejuvenating the country with science and education". Science and technology, dubbed "the primary productive force", have developed fast.
These and the integration of scientific progresses with the economy has laid a foundation for building a well－off society, he says.
Party delegates from grass－root levels share the view that the "quadruple" objective is a practical target proposed in the light of the country's current economic strength and a predictable rate of growth.
Delegate Pi Qiansheng, director of the administrative committee of Binhai New Area in Tianjin, says confidently, "The goal is entirely achievable."
Working out the economic growth rate for the coming 20 years, Hu Angan concludes that it takes a yearly growth rate of 7.2 percent to meet the goal. The growth rate for the first ten years might be higher, at seven to eight percent, whereas that for the second decade will be kept at six to seven percent.
In the past 13 years, China's annual GDP growth averaged 9.3 percent, Zeng Peiyan, minister in charge of the State Development Planning Commission, said Sunday at a press conference. He predicts that growth rate for this year will be around eight percent.
Certainly it won't be all plain－sailing.
Based on the present rate which is already fairly high, it is quite difficult to maintain a still higher growth rate. Some delegates also cite unbalanced economic development in the vast country as a major difficulty to surmount.
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Editor: Yang Yang Source:Xinhua
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