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08:13, December 29, 2010

Chinese vice premier stresses finance work's role in macro control

Chinese Vice Premier Li Keqiang (C) speaks at a national finance work conference in Beijing, capital of China, Dec. 27, 2010. (Xinhua/Liu Jiansheng)

Chinese Vice Premier Li Keqiang has said finance should play a vital role in the country's macro control policies, while ensuring and improving people's livelihoods should be the priority of public finance.

Li, speaking Monday at a national finance work conference, said China would stick to its proactive fiscal policy in 2011 and better handle relations between maintaining steady and relatively fast economic development, restructuring the economy and managing inflation expectations, according to a statement released on Tuesday.

The country will also put more focus on stabilizing overall commodity prices and promoting a balance between supply and demand to ensure basic livelihoods for residents, Li said.

He pointed out that finance should play a larger role in accelerating the transformation of the country's economic development pattern.

Fiscal policies should focus on boosting domestic consumption, increasing fiscal and taxation support to innovation, energy saving and industrial upgrading, and deepening the reforms in fiscal and taxation systems to make the systems conducive to the country's scientific development, Li said.

China should improve the structure of fiscal expenditure and give fiscal policies full play in adjusting income distribution to improve people's livelihoods, he said.

Further, Li said the country would build more affordable housing, step up supervision of the property market, curb speculation and increase its supply of commercial housing.

China planned to build 10 million government-subsidized affordable housing units next year, almost doubling this year's target of 5.8 million units.

Source: Xinhua
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