Reuters reported that the China Development and Reform Commission's 40 trillion yuan ($6.5 trillion) urbanization plan to stimulate economic growth has encountered obstacles. Sources close to the government said the Chinese leadership is worried that another investment frenzy will push up local government debt levels and exacerbate the real estate market bubble.
The source familiar with the situation said that Chinese Premier Li Keqiang vetoed the 40 trillion urbanization plan drafted by the National Development and Reform Commission.
It is reported that many local governments have lobbied for project financing, which has aroused the vigilance of the central government.
The Chinese media have reported that the National Open Bank recently promised to lend 150 billion yuan to the southeastern Fujian Province to support urbanization and provide 30 billion yuan in financing to the urbanization project in Anhui Province.
The highest think tank economist who advised the State Department said that “the urbanization plan may be postponed. The central government has seen the potential risks of the project if it cannot remain on the right track.â€
“The central government is working hard to start reforms quickly, but local governments have different views, and they see this as the last chance to promote investment,†said an economist who asked for anonymity.
China plans to invest 40 trillion yuan for urbanization and transfer 400 million people to cities in the next 10 years. China's economic growth has slowed to 7.8% in 2012, the lowest level in 13 years. The government sees urbanization as a driving force for economic growth.
The think tank source said that as the promoter behind the urbanization, Premier Li Keqiang began to become cautious after receiving warnings from scholars about the risk of urbanization. The source participated in the policy discussion.
The NDRC is working overtime to revise this long-term plan so that it can be released at the end of June.
On the 23rd, Premier Li Keqiang delivered a signed article entitled "Why Choose Switzerland" in the Swiss New Zurich Newspaper.
Li Keqiang pointed out in the article that cooperation with Ruifang to strengthen financial supervision, macroeconomic policies and improve the capital market system is an objective need for China's open economy. China is deepening the reform and opening up of the financial industry, including the steady advancement of interest rate marketization reform, the convertibility of RMB capital projects, the establishment of an overseas investment system for individual investors, and the improvement of financial supervision mechanisms. This will provide new opportunities for the interactive development of financial enterprises in the two countries. At the same time, China and Switzerland can work together in international financial institutions such as the International Monetary Fund [microblogging] and the World Bank [microblogging] to play a "1+1 greater than 2" role in maintaining international financial stability and promoting world economic growth.
Regarding the opportunities for China's development, Li Keqiang said that in 2012, China's GDP was doubled at 3.2 times in 2000, more than doubled; by 2020, by doubling the number of years in 2010, it will take years. Both increased by about 7%. In the next five years, China will import about 10 trillion US dollars of goods, and the scale of foreign investment will reach 500 billion US dollars. China is actively and steadily promoting urbanization, and the transformation of hundreds of millions of farmers into urban populations will release greater market demand. All these indicate that the prospects for China's economic development are very broad and will bring more opportunities for the development of countries including Switzerland.
Regarding the policies of the Chinese government, Li Keqiang emphasized: Internally, we comprehensively deepen the reform of market-oriented orientation, release the dividend of reform, continue to develop the economy, continuously improve people's livelihood, promote social justice, and strive to make everyone have equal opportunities. Externally, we have always taken the road of peaceful development, pursued an open strategy of mutual benefit and win-win, expanded the scope and space for opening up to the outside world, especially expanding the opening up of the service industry to open up, promoting reform, promoting development and promoting transformation.
Li Keqiang pointed out that the shadow of the international financial crisis has not yet dissipated. All countries need to continue to work together to overcome the difficulties and avoid trade and investment protectionism. In particular, they cannot use the "double-reverse" measures and avoid quantitative easing monetary policy. The negative spillover effect.
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