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Cheng Siwei: Chinese economy not in downturn, but adjustments needed

(Xinhua)
Updated: 2008-09-03 19:15

Cheng also suggested adjustments for the rest of the year and after.

He said more investment should go to agriculture, especially hi-tech enterprises and other enterprises closely related to people's lives, and environmental protection, energy conservation, education, public service and social security, among others.

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People's income should be increased along with economic growth. More subsidies should be given to low-income groups. Lenders should expand loans for individuals, which only account for 12 percent of the total loans, far from the 60 percent to 70 percent levels in other countries, he said.

The fiscal revenue in the first half totaled 3.48 trillion yuan (US$507.7 billion), up 33.3 percent from last year. The country should raise the personal income tax threshold to drive up consumption.

He said the export structure should be reformed as energy-intensive products were high in cost and thus not profitable. With the Renminbi's appreciation against the US dollar, the country should expand its exports to other regions.

In terms of inflation, he said six percent to seven percent with a backdrop of 10 percent GDP growth was moderate.

The producer price index rose 10 percent compared with a year-earlier.He said that might be the peak for the rest of the year as oil price rises would not take place, and the reasonable price should be less than US$100 per barrel.

The consumer price index was up 6.3 percent in July over the same month last year, lower than the 7.1 percent increase in June and 7.7 percent in May.

Lack of talent in management and finance had always been a problem, he said.

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