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China Daily Website

Reform chief pledges to boost domestic growth

Updated: 2012-08-29 10:52
By Zhao Yinan (

China's reform chief pledged a slew of policies on Wednesday morning to boost domestic purchasing amid the increasing eurozone debt crisis and worldwide economic slowdown.

The pledge, which may lead to stimulus in fields including tourism, the cultural industry as well as small and micro-sized businesses, was made in the wake of China's 7.8 percent three-year low in economic growth in the first half of this year.

Zhang Ping, director of the National Development and Reform Commission, regarded "domestic purchase" as an effective means to overturn the country's downward economy, which is at the same time challenged by a gloomy export outlook and inner structural imbalance.

In a report to lawmakers on economic development in the first half of this year, Zhang pledged for a better enforcement of the new 36-article statement, a guideline issued by the State Council in 2010 to facilitate the private sector.

Although China promised to involve more private capital to industries such as railway construction, he said the central government should release a detailed list to specify the industries where private investment is welcomed.

Zhang also reiterated the government will uphold a prudent monetary policy and proactive fiscal policy.