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China's recovery trend 'consolidated': Cabinet meeting

(Xinhua)
Updated: 2009-10-21 20:57

China's economic and social development was better than expected, with a "consolidated" growth recovery, the government said Wednesday.

China has reversed the downward trend in economic growth thanks to the timely and full implementation and continuous enrichment of the government's economic stimulus package and other policies to address the global financial crisis, said a statement issued after an executive meeting of the State Council, or the Cabinet, chaired by Premier Wen Jiabao on Wednesday.

The country's quarterly economic growth picked up speed in the first three quarters of this year and the contribution of domestic demand to economic growth was enhanced, it said.

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China's economy grew 6.1 percent year-on-year in the first quarter of this year and 7.9 percent in the second. Economic data for the third quarter were due for release Thursday.

The country was actively promoting industrial restructuring as well as energy conservation and emission reduction, and had done well in optimizing demand structure, improving people's livelihood and boosting urban employment, according to the statement.

A key point of China's macro-regulation in the coming months this year would be to balance the tasks of ensuring a stable and relatively fast economic growth, adjusting economic structure and regulating inflation prospects, it said.

The country would continue the proactive fiscal policy and moderately easy monetary policy, and maintain continuity and stability in its macroeconomic policy, it said.

The statement said the country's economic and social development was in a critical period of stabilization and moving upward. The government should take into full consideration of all kinds of difficulties and make ample preparations for all possible challenges, it said.