First, substantially increase government spending to boost domestic demand. The Chinese Government has announced a two-year investment program that will generate, through fiscal spending, a total investment of RMB 4 trillion nationwide, equivalent to 16% of China's GDP in 2007. The money will mainly go into government-subsidized housing, projects related to the well-being of rural residents, the construction of railway and other infrastructural projects, social development programs, environmental protection and post-earthquake recovery and reconstruction. The Chinese Government has introduced a massive tax-cut program, which will reduce the tax burdens on businesses and individuals by about RMB 500 billion each year. We have also cut interest rates by a large margin, increased liquidity in the banking system and adopted a range of financial measures.
二是大范围实施产业调整振兴计划。我们全面推进产业结构调整和优化升级,制定汽车、钢铁等十个重点产业的调整和振兴规划。我们采取经济和技术的措施,大力推进节能减排,推进企业兼并重组,提高产业集中度和资源配置效率。我们鼓励和支持企业广泛应用新技术、新工艺、新设备、新材料,开发适销对路产品。
Second, implement a large-scale industrial restructuring and rejuvenation program. We are pushing forward industrial restructuring and upgrading across the board and formulating plans for the restructuring and revitalization of ten key industries, including automobiles and iron and steel. We will take economic and technological measures to boost energy conservation and reduce emissions, and promote merger and reorganization of enterprises to raise the level of industry concentration and the efficiency of resource allocation. We encourage and support the extensive application of new technologies, techniques, equipment and materials and the development of marketable products by enterprises.
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