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Chinese President repeats government stance on economic policy

BEIJING, July 22 (Xinhua) -- Chinese President Hu Jintao has said that the government should stick to the pro-active fiscal policy and moderately loose monetary policy in the second half of this year to ensure a stable and relatively rapid economic development.

Hu, also general secretary of the Communist Party of China (CPC) Central Committee, made the remarks at a symposium held in Beijing Tuesday, with attendance of people from the non-communists parties and the All-China Federation of Industry and Commerce, as well as celebrities without party affiliations.

Other members of the Standing Committee of the Political Bureau of the CPC Central Committee, including Wen Jiabao, Jia Qinglin, Xi Jinping, Li Keqiang, also attended the symposium.

"We should strengthen our awareness of current risks and challenges the country is facing in economy, and firmly implement the central government's policies to ensure a stable and relatively rapid economic development," Hu said.

Hu said the economy is developing in the right direction under the government's macroeconomic controls and the government would maintain the continuity and stability of its economic policies to make them more targeted and flexible according to new conditions.

Further, more efforts should be made to strengthen economic forecasts and warning systems, as well as in the coordination of economic policies, Hu added.

Hu asked for more efforts in the grain industry to achieve a good harvest this year and to improve control and relief work in combating floods and drought.

The government would also push forward long-term mechanisms for boosting domestic demand, implement consumption measures and increase the influence of consumption in its contribution to the economy, Hu said. It would also encourage more private funding to sectors supported by the government.

Hu further vowed to advance economic restructuring and accelerate development of new strategic industries, and promote development in the Tibet Autonomous Region, Xinjiang Uygur Autonomous Region and other regions populated by ethnic minority groups.

More efforts should be made on emission cuts and energy savings, as well as on elimination of outdated capacity, Hu said.

The government would also speed up reform of the property market, fiscal and financial systems, prices and social insurance, Hu said.

Further, the government would work to improve people's living standards and endeavor to meet the public's needs in education, health care, employment, social security and housing, Hu said. Post-disaster reconstruction efforts and work safety should also be intensified, Hu added.

Chinese Premier Wen Jiabao said at the symposium that the country would keep policy stability as the theme for its economic regulation in the second half of the year.

Economic polices would be aimed at balancing the goals of containing inflation and ensuring relatively fast growth, while also pushing ahead with economic restructuring, Wen said, adding that steady and relatively fast growth is a precondition for resolving urgent issues and reforming the economy.

China's economic growth cooled to 10.3 percent year on year in the second quarter of this year, from the 11.9 percent in the first quarter, government data showed.

In late 2008, China unveiled a four-trillion-yuan stimulus package and shifted its fiscal policy from a "prudent" to a "pro-active" stance, while easing monetary policy from "tight" to "moderately loose", to counter the global financial crisis.

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