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.
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
PIB (producto interno bruto)
To counter the trend
Contrarrestar la tendencia
to keep staff on
mantener empleado el personal
programa de estímulo a la economía
cayeron en picada