China Vows to Boost Domestic Consumption

%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20government%20has%20listed%20boosting%20domestic%20consumption%20and%20maintaining%20proper%20investment%20scale%20as%20an%20important%20economic%20task%20in%20the%20coming%20period.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20State%20Council%2C%20China%27s%20cabinet%2C%20on%20Wednesday%20analyzed%20the%20domestic%20economic%20situation%20in%20the%20first%20quarter%2C%20vowing%20to%20coordinate%20the%20targets%20of%20maintaining%20steady%20growth%2C%20taming%20inflation%20and%20guarding%20against%20risks%20in%20future%20economic%20work.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20should%20maintain%20continuity%20and%20stability%20in%20its%20macro-economic%20policies%2C%20with%20more%20efforts%20to%20deepen%20reform%20and%20intensify%20structural%20adjustments%2C%20according%20to%20a%20document%20issued%20after%20an%20executive%20cabinet%20meeting%20chaired%20by%20Premier%20Li%20Keqiang.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20National%20Bureau%20of%20Statistics%20on%20Monday%20released%20a%20slew%20of%20economic%20data%2C%20including%20data%20indicating%20that%20China%27s%20gross%20domestic%20product%20growth%20hit%207.7%20percent%20in%20the%20first%20quarter%20of%202013%2C%20down%20from%207.9%20percent%20during%20the%20final%20quarter%20of%202012.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20cabinet%20said%20the%20domestic%20economy%20ran%20smoothly%20in%20the%20January-March%20period%2C%20with%20major%20economic%20indicators%20within%20reasonable%20ranges.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHowever%2C%20confronted%20with%20complex%20domestic%20and%20global%20environments%20and%20various%20problems%20restricting%20development%2C%20the%20government%20needs%20to%20strengthen%20foresight%2C%20be%20pragmatic%20and%20take%20initiative%2C%20according%20to%20the%20statement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAt%20the%20meeting%2C%20the%20cabinet%20set%20key%20tasks%20for%20future%20economic%20work.%20It%20said%20effective%20efforts%20must%20be%20made%20to%20guard%20against%20risks%20in%20local%20government%20debts%20and%20credit%20markets%2C%20pledging%20to%20enhance%20market%20oversight%20and%20improve%20products%20and%20services.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20government%20will%20cut%20and%20adjust%20items%20requiring%20administrative%20approval.%20It%20will%20also%20make%20the%20list%20available%20to%20the%20public%20to%20encourage%20private%20investment%20and%20inspire%20entrepreneurship.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EReforms%20in%20the%20fiscal%20and%20taxation%20system%2C%20as%20well%20as%20in%20the%20pricing%20mechanism%20for%20resource%20products%2C%20will%20be%20deepened%2C%20the%20cabinet%20said%2C%20adding%20that%20active%20and%20proper%20steps%20will%20be%20taken%20to%20liberalize%20interest%20rates%20and%20make%20the%20Chinese%20yuan%20convertible%20under%20the%20capital%20account.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20country%20will%20also%20continue%20to%20expand%20effective%20domestic%20demand%20while%20keeping%20investment%20at%20a%20reasonable%20scale.%20It%20will%20speed%20up%20the%20process%20of%20eliminating%20backward%20industrial%20capacity%2C%20said%20the%20statement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20the%20agricultural%20sector%2C%20the%20cabinet%20has%20vowed%20to%20increase%20effective%20supply%2C%20ensure%20funds%20for%20agriculture%20and%20cope%20with%20natural%20disasters%20in%20a%20timely%20manner.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIt%20also%20urged%20local%20authorities%20to%20ensure%20balanced%20market%20supply%20and%20demand%20and%20keep%20consumer%20price%20index%20stable%20in%20general.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20addition%2C%20more%20efforts%20will%20be%20put%20forth%20to%20guarantee%20and%20improve%20people%27s%20livelihoods%2C%20including%20efforts%20to%20boost%20employment%20and%20improve%20the%20social%20security%20system%2C%20accelerate%20construction%20of%20affordable%20housing%20and%20ensure%20that%20it%20is%20fairly%20distributed.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%28CRI%20English%29%3CBR%3E%3C/FONT%3E%3C/P%3E