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More steps to counter crisis

(China Daily)
Updated: 2008-11-29 17:04

Special coverage: Coping with Financial Crisis Related readings:  Bailout shows consensus on mitigating economic risks  China slashes interest rate by 1.08 percentage points to boost growth  Top planner: Pressure on economy increasing

The authorities will take further steps, including cutting taxes and increasing investments aimed at boosting domestic demand, to counter the growing impact from the current financial crisis, an official statement issued after a Party Politburo meeting that concluded on Friday said.

The meeting, chaired by CPC Central Committee General Secretary Hu Jintao, analyzed and studied the economic work of next year and set out major tasks.

"The global financial crisis is still spreading. Its shock and the resulting losses for the global economy are growing. The impact on our economic growth will also become larger and larger," the statement said.

"We need complete estimates of the potential difficulties and make thorough preparations regarding possible measures," it said.

"Maintaining stable and fairly fast economic growth should be the first priority of our economic efforts next year."