China takes stimulus measures to ensure long-term development

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Chinese Premier Wen Jiabao said Monday that the global financial crisis exerted a huge impact on China and the country took a series of stimulus measures to ensure long-term economic growth.

"It's with very hard efforts we managed to make the Chinese economy one of the first in the world to achieve a recovery and rebound, and avoid series of setbacks in China's economic development," he said at a press conference after the National People's Congress concluded its annual session. [More about Premier Wen's press conference]

Wen recalled the difficult situation between the end of 2008 and first half of 2009 when international trade plummeted and China's gross domestic product (GDP) fell sharply, noting that the value of exports accounted for nearly one third of China's GDP volume.

"Many businesses had to close and a large number of migrant workers had to go back home," he said.

Under the tough circumstances, China increased government investment, conducted structural tax cuts, improved social security system to improve people's livelihood, promoted science and technology advances to sustain the momentum of the economy, and carried out massive structural adjustments in Chinese businesses and in particular encouraged the growth of strategic emerging industries, Wen said.

"All these stimulus measures were designed to not only address immediate problems, and also ensure China's long-term development," he said.

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