China's top economic planner Wednesday defended the government's
economic policy as a means of effectively defusing a crisis and
maintaining high growth momentum over the past five years.
"I don't want to boast that 'the scenery is unique here', but we
have achieved great success over the years," said Zhang Ping, head
of the National Development and Reform Commission, at a press
conference on the sidelines of the first session of the 12th
National People's Congress, China's top legislature.
"In the course of maintaining steady and fast economic growth, we
have bettered our economic structure, particularly our demand
structure. Expanding domestic demand is our most effective weapon
to overcome the global financial crisis and respond to external
crisis," Xinhua quoted Zhang as saying.
In 2012, consumption replaced investment to fuel Chinese economic
growth, he said.
Over the past five years, China has met unprecedented challenges,
particularly from the international financial crisis, as well as
from severe natural disasters.
"... China has adopted a series of policies and measures and
gradually formulated a package plan to face up to the challenges
and achieve great success," said Zhang.
Over the past five years, China realized 9.3-percent annual growth
in its gross domestic products (GDP) on average, while keeping to
China's economy has continued to reach new heights, said Zhang,
with GDP exceeding 30 trillion yuan in 2008, 40 trillion yuan in
2010, and 50 trillion yuan in 2012, the fastest growth worldwide.
People's living standards were improved too. During the period,
the income of rural residents rose by 9.9 percent and that of
urban residents climbed by 8.8 percent annually on average.
In addition to expanding domestic demand to support economic
development, Zhang said, the package to boost the economy
comprised promulgating adjustment plans for 10 industrial sectors;
encouraging innovation of science and technology to support
long-term development; and maintaining social security and
improving people's wellbeing.
China also deepened reform of the fiscal, taxation and monetary
systems during this timeframe.
"All these results have shown our countermeasures are
effective...," said Zhang.
However, he warned: "Naturally, we have met many problems. Our
technology innovation capacity remains weak, and our industrial
structure demands further adjustment. We must deepen reform in
systems and mechanisms."