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Communist Party of China CPC>>News
17:18, August 16, 2012

China can fulfill year's growth target: Premier (3)
Wen makes an inspection tour in Zhejiang on Tuesday and Wednesday. Wen points to positive changes in some sectors, and the emergence of favorable conditions to maintain steady and relatively fast growth. (Xinhua/Li Tao)
Growth of the consumer price index, a key gauge of inflation, dropped to 1.8 percent year on year in July, the slowest rate since February 2010.

The country's central bank earlier in the year slashed the reserve requirement ratio for banks twice and interest rates twice in a bid to boost lending.

According to Wen, the country has adopted a raft of pro-growth measures to shore up growth. They include more aggressive tax reduction, issuing subsidies to support enterprises' technology upgrades, and opening state-run sectors to private investors.

The country has allocated 26.8 billion yuan (4.25 billion U.S. dollars) in interest subsidies to help companies update technology, Wen said.

Meanwhile, the proportion of private capital in fixed assets investment has risen to 62 percent due to government favorable polices, he noted.

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(Editor:张茜、姚春)
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