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Jerry Skhosana. America: Hope for Change. Robert Ehrlich. Us National Debt Recovery. Elias Hill. A Guide to Proper Governance for Dummies. A M Freeman. Diane Hamby. Love It or Leave It. Mark Manney. In , facing the complex domestic and external economic environment, especially when the contradiction of insufficient effective demand became more prominent, the State adopted comprehensive counter measures in a timely manner to increase the implementation of active fiscal policy and try to give play to the role of monetary policy, utilize adjustment and control means such as tax, price and income distribution, effectively drive investment, increase consumption and expand export.
The implementation of active fiscal policy and boosting of internal demand played a key role in realizing the objective of economic growth for and it is estimated that the economic growth reached 7. The major adjustment and control objectives announced at the beginning of the year are basically realized and the national economy maintains a sound momentum of sustained, rapid and healthy development.
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Summarizing the economic development of this year, the following are the several characteristics. The state debt investment effectively promoted economic growth. At the beginning of the year, the State decided to issue 25 billion Yuan for infrastructure and 25 billion Yuan for agriculture, forestry and water conservancy construction bond.
Due to the slow down of investment and economic growth in the first half of the year, 60 billion Yuan of State debt was issued in the second of the year. With the increase of bank loans and local investment, the capital construction and technology upgrading decline that took place in August has been reversed. It is estimated that the total State debt project investment for the whole year was near billion Yuan and this will help increase economic growth by more than 2 percentage point. Substantive progress has been made in the transformation of the ways to achieve economic growth. Structural adjustment is getting faster.
The State debt investment of last year continued to strengthen infrastructure and increased investment in industrial upgrading and science and technology progress and education infrastructure compared to the year before last. The investment was mainly used in supporting technology upgrading of the enterprises, the localization of large and important equipment, the industrialization of high tech, the building of student dormitory of universities and the project for every village to have access to radio and TV program.
These investments have effectively promoted optimization and upgrading of industrial structure with no repetitive construction taking place and we have done things that we wanted to do for many years. State owned enterprise reform has been deepened and industrial restructuring is getting faster. The quality and efficiency of economic growth is apparently improved. Progress has been made in reducing and eliminating the backward production capacity. The products that reflect industrial upgrading need and those that meet the need of internal and external market have increased fast.
From January to November, mobile telecommunication equipment, computers and large scale integrated circuit grew by The sale ratio of industrial products reached The income of urban and township residents grows fast. Last year, the basic living allowance of the laid off employees of state owned enterprises, the insurance fund for those who lost jobs and the minimum living security standard for the urban and township residents was up by 30 per cent; the salary of people in the government and other institutions and the pension fee for the retired was increased; the pension standard for the retired of the state owned enterprises was increased; the pension under the program for the retired people of the state owned enterprises that was due some years ago was compensated to them once and for all; the standard for some family members of the deceased was increased.
The state finance provided 54 billion yuan to the increases mentioned above and more than 84 million people all over the country have benefited. It is estimated that the per capita disposable income of urban and township residents was yuan.