Zhao links China's growth to controlling waste
Premier Zhao Ziyang has said waste and poor economic performance are China's main problems at present, the New China News Agency reported. Mr. Zhao was speaking to the standing committee of Parliament on last week's report by China's top economic planner, Vice-Premier Yao Yilin, calling for spending cuts to achieve a balanced budget. Premier Zhao was quoted as saying that economic growth depended on solving the problems of waste and poor economic results.
During the current period of economic readjustment, China is launching an austere minibudget as part of its massive economic readjustment policy, slashing billions of dollars off capital construction and defense and revising downwards production targets for its main energy sources.