China's 4-trillion-yuan (585.5 billion U.S.dollars) stimulus package must be approved by the National People's Congress (NPC), a spokesman for the Second Session of the 11th NPC said here Wednesday.
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The news conference on the Second Session of the 11th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 4, 2009. (Xinhua/Yang Zongyou) |
"The investment proposed by the central government will be listed on the annual central budget and submitted to the NPC for deliberation and approval," Li Zhaoxing, spokesman for the Second Session of the 11th NPC, told a press conference.
The State Council, or Cabinet, announced a 4-trillion-yuan stimulus package at the end of last year to shore up economic growth amid the financial crisis, which dropped to 9 percent in 2008, the lowest since 2001.
The 4-trillion-yuan package includes 1.18 trillion yuan investment from the central government and the rest will come from local governments and the business world, Li said.
Among the additional 100 billion yuan investment in the fourth quarter last year announced by the central government, 30 billion yuan had already been allocated. Li said the State Council had reported the 30 billion yuan investment to the NPC Standing Committee.
"The rest 70 billion yuan will be included in the 2009 central budget and be allocated this year," Li said, adding that the procedure is totally legitimate.