Zeng Peiyan, minister in charge of the State Development Planning Commission, delivered a report on implementation of China's economic and social development plan for last year and the draft plan for 2001.

Finance Minister Xiang Huaicheng reported on the implementation of the budget last year and the draft budget for 2001.

Minister Zeng announced major economic and social development goals for 2001: an economic growth rate of seven percent, a 10 percent rise in fixed asset investment, an eight percent increase in import and export values and a money supply of 150 billion yuan (US$18.14 billion).

Other goals: a consumer price markup of one to two percent, a four percent urban unemployment rate, and a one percent population natural growth rate.

Zeng said in 2001 China will continue implementing policies aimed at stimulating domestic demand, consolidate and strengthen the agricultural sector, pursue economic restructuring, further reform the state-owned sector, increase employment, prepare for China's accession to the World Trade Organization and press ahead with implementing the west China development strategy.

Zeng declared a gross domestic product of 8,940.4 trillion yuan for 2000, which is eight percent up from 1999.

The country reported an import and export value of 474.3 billion US dollars in 2000, a rise of 35 percent.

Contracted overseas investment in China surged 51.3 percent in 2000, while actualized investment totaled 59 billion USdollars.

Finance Minister Xiang announced a government revenue of 1,338.01 billion yuan and a spending of 1,587.94 billion yuan for both central and local governments in 2000, which are 104.23 billion yuan and 74.32 billion yuan more than figures of the revised budget respectively.

The central government recorded an income of 758.43 billion yuan and a spending of 1,018.25 billion yuan, resulting in a deficit of 259.82 billion yuan, the same as that of 1999.

For 2001, the draft budget provides an income of 1,476.02 billion yuan for both the central and local governments and a spending of 1,735.83 billion yuan, up 10.3 percent and 9.3 percent from 2000, respectively.

The draft budget gives priorities to the implementation of the west China development strategy, improvement of the social security system and the tax-for-fees reform in rural areas. A moderate increase is reported in defense spending.

Senior Chinese leaders Jiang Zemin, Li Peng, Zhu Rongji, Hu Jintao, Wei Jianxing and Li Lanqing attended the meeting.

(Xinhua 03/06/2001)