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Vice premier: Tap consumption potential to sustain growth

(Xinhua)
Updated: 2008-12-03 11:27

Chinese Vice Premier Wang Qishan has called for more concrete measures to tap China's domestic consumption potential to sustain economic growth.

External demand for Chinese goods has fallen markedly amid the global financial crisis, while domestic consumption power also fell, Wang told recent meetings on foreign and domestic trade.

Special coverage: Coping with Financial Crisis Related readings:  9% GDP growth tipped for next year  China must be cautious in raising consumption  China to focus on domestic consumption amid global uncertainties

But the country's continued industrialization and urbanization create huge demand, which helps to shield the economy from a slowdown, he said.

China unveiled a 4 trillion yuan ($581 billion) stimulus package on November 9 to boost domestic demand.

Economic growth slowed to 9 percent in the third quarter from 10.4 percent in the first half and 11.9 percent last year. Economic data for October and November showed further downside risks.

The vice premier urged a reduction of burdens for businesses, help for them in getting finance and promotion of mergers and acquisitions.

He also called for more measures to optimize the export structure and explore new markets to offset the negative impact on the export sector of the global economic slowdown.