溫總理2015冬季達沃斯論壇演講節(jié)選

　　the investment will mainly go to government-subsidized housing projects, projects concerning the well-being of rural residents, railway construction and other infrastructural projects, environmental protection projects and post-earthquake recovery and reconstruction. some of them are identified as priority projects in china's 11th five-year plan for economic and social development. the rest are additional ones to meet the needs of the new situation. this two-year stimulus program has gone through scientific feasibility studies and is supported by a detailed financial arrangement. rmb 1.18 trillion will come from central government's budget, which is expected to generate funds from local governments and other sources. the chinese government has also launched a massive tax cut program which features the comprehensive transformation of the value-added tax, the adoption of preferential tax policies for small and medium-sized enterprises (smes) and real estate transactions, and the abolition or suspension of 100 items of administrative fees. it is expected to bring about a total saving of rmb 500 billion for businesses and households each year.

　　second, frequently cut interest rates and increase liquidity in the banking system. the central bank has cut deposit and lending rates of financial institutions five times in a row, with the one-year benchmark deposit and lending rates down by 1.89 percentage points and 2.16 percentage points respectively. thus the financial burden of companies has been greatly reduced. the required reserve ratio has been lowered four times, adding up to a total reduction of 2 percentage points for large financial institutions and 4 percentage points for small and medium-sized ones. this has released around rmb 800 billion of liquidity and substantially increased funds available to commercial banks. a series of policy measures have been adopted in the financial sector to boost economic growth, including increasing lending, optimizing the credit structure, and providing greater financial support to agriculture and the smes.

　　third, implement the industrial restructuring and rejuvenation program on a large scale. we are seizing the opportunity to push ahead comprehensive industrial restructuring and upgrading. to this end, plans are being drawn up for key industries such as automobile and iron and steel, which not only focus on addressing the immediate difficulties of enterprises but also look toward their long-term development. we have taken strong measures to facilitate the merger and reorganization of enterprises, phase out backward production capacity, promote advanced productive forces, and improve industry concentration and the efficiency of resource allocation. we encourage our enterprises to upgrade technologies and make technological renovation. we support them in making extensive use of new technologies, techniques, equipment and materials to restructure their product mix, develop marketable products and improve their competitiveness. our financial support policies are being improved, a sound credit guarantee system installed and market access eased for the benefit of sme development.