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Legal and Regulatory

Macro controls and stable currency policy would continue, says official
By AMY CHEUNG
Published: July 25, 2006 12:00 AM
China is to strengthen and improve macro controls with strategic economic, legal and administrative measures together with stable financial and currency policies with the aim to readjust the current economic structure, Xinhua reported.   Spokesperson of the State Development and Reform Commission, Han Yongwen, said yesterday that the government would announce a series of detailed plans to improve and strengthen macro controls in the second half. The central bank has already announced the increase of deposit interest rate by 0.5 percent starting August 15.   Economic growth has been a catalyst for contradictions and problems. While the economy is sizzling, farmers have increased difficulties in making more harvest or profit and the employment market remains tough for many. There is an urgency to bridge the gap between the rich and the poor, the coast and the West, the city and the country, said Han.   Therefore, he stated that new policies would be introduced to improve agricultural production and increase farmers’ income, ensuring residents in local towns and villages would not be marginalized. Emphasis would be placed on executing structural reform to solve contradictions and problems from the root.   “Energy conservation, environmental protection and the development for social security would be the themes of the reform,” Han added.
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