Mayor déficit chino en décadas

China deficit biggest in decades

To counter the challenges brought about by the global financial crisis, the Chinese Premier Wen Jiabao has announced the biggest budget deficit in 60 years.

Reporter: Shirong Chen in Beijing

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In his lengthy speech, the Chinese Premier, Wen Jiabao, said China was faced with unprecedented difficulties and challenges. He said growth would be much slower, at around 8%, and there would be fewer jobs for graduates and migrant workers. The government's no longer confident that its GDP target will be met at the end of the year.

As the economy slows down, the government is promising to create nine million new jobs, two million fewer than last year. To counter the trend, the government's encouraging companies to keep staff on and has unveiled a budget deficit of 140bn US dollars, the biggest deficit since the Communist Party took power 60 years ago.

But there is no promise of extra money, apart from the already much publicised stimulus package of nearly 600bn US dollars. Chinese stock markets nosedived after his speech.

Shirong Chen, BBC News, Beijing

 Listen to the words

was faced with
enfrentaba

unprecedented
sin precedentes

migrant workers
trabajadores itinerantes

GDP
PIB (producto interno bruto)

To counter the trend
Contrarrestar la tendencia

to keep staff on
mantener empleado el personal

unveiled
anunció

deficit
déficit

stimulus package
programa de estímulo a la economía

nosedived
cayeron en picada

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