China will continue to carry out the macro-economic control measures in the fourth quarter of this year so as to achieve the targets set for the year and lay a good foundation for next year, according to a top government meeting concluded in Beijing Friday.

 

The executive meeting of the State Council, China's cabinet, was held to review the national economic situation in the third quarter and arrange economic work for the fourth quarter. It was chaired by Premier Wen Jiabao. ?

The participants agreed that in the past quarter, the overall economy continued to develop toward the set macro-control targets.

 

This could be seen from the steady and relatively rapid growth and good performance, an ensured increase in grain output, continued fall back of in the growth of fixed asset investment, sustained rise in foreign trade and foreign capita influx, fairly balanced revenue and expenditure, expanding employment and increase in people's income, especial that of farmers, and rapid progress in social undertakings and sustained social stability.

 

According to the meeting, the current economic situation is still plagued by quite a few outstanding problems, including an unsteady agricultural foundation, excessively big scale of fixed asset investment, and growing pressure of inflation.

 

Thus priorities should be given to the following areas in the fourth quarter:

 

-- further improve the work related to agriculture, farmers and rural areas;

 

-- continue to rein in the scale of fixed asset investment, with emphasis placed on new projects, strict management of land, and rational control over bank lending;

 

-- do a good job in arranging coal and electricity supply and railway transport to meet the need of the people for production and daily life in the winter;

 

-- continue to strive for revenue growth and spending cut;

 

-- strengthen supervision over the market and prices to stabilize prices;

 

-- pay high attention to solving problems concerning the fundamental interests of the masses, especially the needy group in both urban and rural areas, and continue to improve employment and social security; and

 

-- improve production safety, prevent the occurrence of major accidents and properly handle social conflicts to safeguard social stability.

 

(Xinhua News Agency October 23, 2004)