Foreign media closely watch China's economic plans

BEIJING - Overseas media have been paying great attention to Chinese Premier Wen Jiabao's government work report on sustaining a healthy and rapid economic development in 2010.

Japan's Asahi Shimbun newspaper said in an editorial that people can see from Wen's report that China is aiming to promote a sustainable economic development and protect social fairness and justice in the new year.

China is pursuing an economic transformation from the original export and investment-driven economy to a domestic consumption-dominant one, said the newspaper.

However, the goal is not easy to be achieved, said the report. To keep a sustainable growth, China must shift its emphasis to the "quality" of the economic development.

Special Coverage: NPC & CPPCC Annual Sessions Related readings:  China to adjust monetary policy on changes in economic condition  China sets 8% target for 2010 economic growth  Sessions to address economic issues  2010 economic outlook clouded by exit strategies

In order to achieve this goal, China must change its model of economic development and stimulate domestic spending, the article said.

Reuters said Wen's report shows that China would continue to maintain an "appropriately easy monetary stance and an active fiscal policy" in 2010, encouraging domestic spending, adjusting economic structure, and stabilizing export at the same time to ensure an 8-percent GDP growth in the new year.

The article also noted that the report has given equal importance to the reform of the natural resources tax and the improvement of people's livelihood.

The US Chinese Biz News in a commentary referred to 2010 as a crucial year for China to fend off the global financial crisis, as the country should achieve all the targets of the 11th Five-Year Plan and lay a solid foundation for the 12th Five-Year plan, adding that it is also a period of transition for China to adjust its economic structure and improve people's livelihood.

The commentary said in 2009 China's economy went through a U-turn recovery and achieved admirable growth after being hard hit by the global economic crisis.

It is a common concern of the deputies to the NPC and CPPCC as well as the rest of Chinese people to see whether China's economy could make a smooth transformation in 2010 in current complicated situations, said the commentary.

For both developed countries and emerging markets, economic transformation and upgrading is the only way leading to a fast and sustainable development, the commentary said.

It added China is in an urgent need of a transformation of its economic growth pattern at a time when the country is facing periodic adjustments and the world is embroiled in an economic downturn.

The Japanese business daily Nihon Keizai Shimbun quoted Chinese Premier Wen as saying China expects its economy to grow around 8 percent in 2010 and the government is committed to achieving an economic transformation based on an economic growth model powered by the domestic demand.

However, China should prevent an overheated economy and forestall a risky bubble in the real estate market in the process of transformation, the newspaper said.

An article on the Japanese Sankei Shimbun's website also quoted Wen as saying that 2010 is a crucial year for China to continue to combat the global financial crisis, maintain a steady and rapid economic development and accelerate the transformation of the growth pattern. It added China is adjusting its economy to an energy-efficient model.

The Wall Street Journal said in an article on its website that one year after a financial crisis hit world economy, China has shifted its focus to preventing a real estate bubble, managing capital inflow and revaluing its currency in an effort to promote the economic restructuring.