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Economic stimulus package to improve people's livelihood

(Xinhua)
Updated: 2008-12-09 09:47

BEIJING - Unlike measures taken during the Asian financial crisis 11 years ago, more attention is focused on improving people's living standards in the Chinese government's recent 4 trillion yuan (US$584 billion) economic stimulus package, experts said.

The package, unveiled early last month, included 280 billion yuan in spending for low-income housing projects, 370 billion yuan for improving people's living standards and infrastructure in rural areas and 40 billion yuan for health and education programs.

Related readings:  Stimulus impact will be felt in H2 of next year  Shares open 1.39% higher on stimulus policies  China spells out stimulus financing  China's stimulus may not be enough for Asia: Morgan Stanley

A total of 1.8 trillion yuan will go to construction of railways, highways, airports and power grids.

It also included 350 billion yuan for ecological and environmental projects, 160 billion yuan for technological innovation and one trillion yuan for reconstruction in regions worst hit by the May 12 earthquake.

The frequent appearance of "improving people's living standard" in the government's recent statements indicated a mind-set shift of China's policy makers towards more sustainable development, analysts said.

Zhang Hanya, a senior researcher with the National Development and Reform Commission (NDRC), told Xinhua on Monday that the stimulus package would greatly benefit the public either in a direct or indirect way.

"The investment pooled into low-income housing, medical care and education will improve the Chinese welfare directly. Massive spending on infrastructure, transport, after-quake reconstruction and other areas would bring indirect benefits to the public," Zhang said.

Of the 100 billion yuan added to the fourth quarter central budget, 7.5 billion yuan was allocated for low-rent and affordable apartments.

Another 4.4 billion yuan would be spent before the end of this year to improve school buildings and add teaching facilities in central and western China, which are less developed than the coastal regions in the east.

More than one million students in more than 2,000 schools would benefit from it, according to China's Ministry of Education.

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