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China 'faces most difficult year' China 'faces most difficult year'
(about 3 hours later)
Chinese Premier Wen Jiabao has said the coming year will be the most difficult the country has faced this century because of the global economic crisis. Chinese Premier Wen Jiabao has said the current year will be the most difficult the country has faced this century because of the global economic crisis.
Addressing parliament, Mr Wen reiterated that there would be a $585bn (£413bn) investment programme to stimulate the Chinese economy.Addressing parliament, Mr Wen reiterated that there would be a $585bn (£413bn) investment programme to stimulate the Chinese economy.
He also declared an annual growth target of 8% and goals to boost consumption and raise consumer demand.He also declared an annual growth target of 8% and goals to boost consumption and raise consumer demand.
His address opens the annual session of the National Peoples' Congress. His address opens the annual session of the National People's Congress.
The premier said he hoped to create nine million new jobs in the cities and increase local government spending budgets by almost 25%.The premier said he hoped to create nine million new jobs in the cities and increase local government spending budgets by almost 25%.
"In China, a developing country with a population of 1.3 billion, maintaining a certain growth rate for the economy is essential for expanding employment for urban and rural residents, increasing people's incomes and ensuring social stability," he said. We are fully confident that we will overcome difficulties and challenges Chinese Premier Wen Jiabao "In China, a developing country with a population of 1.3 billion, maintaining a certain growth rate for the economy is essential for expanding employment for urban and rural residents, increasing people's incomes and ensuring social stability," he said.
Global impact
Mr Wen was frank that China was suffering from the global financial crisis, and acknowledged the country lacked adequate social security provisions and health care.Mr Wen was frank that China was suffering from the global financial crisis, and acknowledged the country lacked adequate social security provisions and health care.
But the increased spending talked about by Premier Wen in his keynote speech was announced last Novemeber. The BBC's James Reynolds in Beijing says that as more people lose their jobs in China, the lack of a social safety net is becoming a glaring problem.
Global impact
But the increased spending talked about by Premier Wen in his keynote speech was announced last November.
There appeared to be no new money to help the ailing economy, as some had speculated.There appeared to be no new money to help the ailing economy, as some had speculated.
Delegates 'lack political power'
Extra government money will be spent on infrastructure projects, such as railways, roads and irrigation schemes.Extra government money will be spent on infrastructure projects, such as railways, roads and irrigation schemes.
Mr Wen said he was satisfied that China would cope with the unprecedented challenges.Mr Wen said he was satisfied that China would cope with the unprecedented challenges.
"We are fully confident that we will overcome difficulties and challenges, and we have the conditions and ability to do so," Mr Wen told the 3,000 delegates attending the Communist Party's showpiece political event of the year."We are fully confident that we will overcome difficulties and challenges, and we have the conditions and ability to do so," Mr Wen told the 3,000 delegates attending the Communist Party's showpiece political event of the year.
Share prices around the world jumped amid hopes that Mr Wen would announce an expansion to its economic stimulus plan.Share prices around the world jumped amid hopes that Mr Wen would announce an expansion to its economic stimulus plan.
Earlier, China said it would increase military spending by 14.9% this year to 480.6bn yuan ($70.2bn). On the eve of the meeting, China said it would increase military spending by 14.9% this year to 480.6bn yuan ($70.2bn).