REGIONAL> Development
Jiangsu takes lead in combating financial crisis
By Song Wenwei (China Daily)
Updated: 2009-02-06 10:50

Nanjing: Global financial crisis has imposed serious threat to economic development, but it is also a time to seek opportunities for growth, an official of Jiangsu province said.

At the second plenary session of the 11th Jiangsu provincial people's congress, which opened on Feb. 5, governor Luo Zhijun expressed the belief that the government will make greater efforts to lead the combat of lessening the negative impact of financial crisis and maintain a fast economic growth in 2009.

This east province has witnessed tremendous changes and progress in the past 30 years of reform and opening up, and, as a result, built a solid economic foundation and achieved a stable social development.

Though the financial crisis did cause harm and losses to some sectors of the economy, the province's economy still maintained a relatively fast growth rate in 2008.

Figures show that Jiangsu's gross domestic product last year ranked second in the country after south China's Guangdong province, with a total value of over 3 trillion yuan, a 12.5 percent increase over the previous year.

"Impact of the financial crisis will continue for some time and we have to be well prepared and do our best to minimize its negative effect," said Luo.

In view of the situation, realistic goals for 2009 are set to achieve a 10 percent increase of gross domestic product, a 17 percent increase of fixed asset investment and a 16 percent increase of retailing sales.

"To achieve the goals, we need to do a good job in increasing domestic demands by encouraging consumption and more investment and export," said Luo.

Other measures include readjustment of industrial structures, technological innovation and improvement of product quality.

More favourable policies will be made to help private and small and medium-sized enterprises which are among the most hit sectors in the financial crisis.

"It is always high on the agenda that the government spares no efforts to ensure further improvement of people's living qualities by providing more job vacancies, reemployment training, more affordable houses and medical expenses, food and water safety and other services," said Luo.

China Daily Jiangsu Bureau