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China's Parliament Endorses 2011 Budgets

Service : Economy
TEHRAN, March 14 (ICANA) – China's parliament, the National People's Congress (NPC), adopted a resolution to approve the country's 2011 budgets Monday.
Monday, March 14, 2011 12:57:58 PM
China's Parliament Endorses 2011 Budgets

National legislators at the closing meeting of the annual parliamentary session voted for the Implementation of the Central and Local Budgets for 2010 and the Central and Local Budgets for 2011, Xinhua reported.

The annual parliament on Monday also approved a five-year plan designed to transform the nation's economy, raise rural incomes and promote social stability.

Nearly 3,000 delegates to the National People's Congress endorsed the plan in quick-fire voting at the end of the parliament's 10-day session at Beijing's Great Hall of the People, DPA reported.

Premier Wen Jiabao later told reporters that 2011-15 would be a crucial period, during which the government aimed to 'raise the quality and efficiency of China's economic development.'

The government would promote 'social stability and harmony' while facing 'complicated' international and domestic economic conditions, including the risk of high inflation, Wen said.

The five-year plan, approved by the ruling Communist Party in October, targets average annual growth in gross domestic product (GDP) of about 7 per cent.

Wen said the government would aim for economic growth of about 8 per cent this year, slightly lower than the 10.3 per cent recorded last year.

Other key policies included expanding domestic demand, supporting agriculture, improving energy efficiency and reducing pollution.

The 2011-15 plan was approved by 97 per cent of the 2,875 congress delegates present, with just 59 people voting against it.

Wen said the government would try to contain soaring consumer prices and to create more jobs by promoting high-technology industries and the service sector.

In a nod to China's 800 million people in rural households, he promised to perform his economic tasks 'as diligently as a farmer tends his fields.'

'Now the Chinese economy has become the second largest in the world, but at the same time we are also fully aware that China remains a developing country with a large population, weak economic foundation and uneven development,' Wen said.

The annual congress was held amid heavy security and continuing calls for peaceful anti-government 'strolls' every Sunday.

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