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Friday 16 January 2009
Party Boss Admits Shanghai Hit Hard by Financial Crisis
Shanghai has been badly hit by the global financial crisis and the government’s revenue is likely to drop sharply this year, the city’s Communist Party chief has admitted.
Party Boss Admits Shanghai Hit Hard by Financial Crisis
Will Clem in Shanghai 16 January 2009
Shanghai has been badly hit by the global financial crisis and the government’s revenue is likely to drop sharply this year, the city’s Communist Party chief has admitted.
Yu Zhengsheng told the Shanghai People’s Congress on Wednesday that the grim outlook made it unlikely the city would be able to reduce taxes, but he warned against putting too much emphasis on raw economic statistics.
“You should not worry about certain figures going down in the short term or simply chase figures for the sake of figures. We need to focus on the long term,” Mr. Yu told the meeting, adding that he would not prop up the property market.
The meeting was closed to overseas journalists but was reported by Shanghai media yesterday.
Mr. Yu named employment as the municipal government’s top priority, particularly finding work for students about to graduate in summer from university, of which there are about 150,000 in the city.
“Some comrades have spoken about non-standard employment and whether we could have a policy on non-standard employment that could encourage creativity to increase employment under the current circumstances,” Mr. Yu said. “We need to think about more ways to achieve this.”
Although a proportion of university students in Shanghai come from other parts of the country, a government source said the actual number of job-seeking graduates could be as high as 200,000.
“For every one student leaving Shanghai, we estimate there will be five coming back from universities in other cities,” he said. “Students from Shanghai are most likely to come home to look for work when they graduate.”
Mayor Han Zheng also committed resources to shoring up employment figures in a speech made to the congress yesterday, pledging to launch a “one plus three” strategy to tackle the problem.
The plan involved a “professional plan” to promote creativity and three “special plans”, which would focus on vocational training for fresh graduates, measures to attract enterprises to employ longer-term job seekers and a series of short-term measures to dissuade businesses from laying off workers.
“This year, this city will place maintaining growth as its primary economic duty,” Mr. Han said.
He pledged to speed up development of the city’s service industries, particularly its roles as a financial centre and air transport hub.
In his speech to the opening of the congress on Tuesday, Mr. Han cut back predictions for growth in the city’s gross domestic product to just 9 per cent for this year, which would be the first single-digit annual growth since 1991.
Growth is anticipated to have been about 10 per cent last year, down from 13.3 per cent in 2007.
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Party Boss Admits Shanghai Hit Hard by Financial Crisis
Will Clem in Shanghai
16 January 2009
Shanghai has been badly hit by the global financial crisis and the government’s revenue is likely to drop sharply this year, the city’s Communist Party chief has admitted.
Yu Zhengsheng told the Shanghai People’s Congress on Wednesday that the grim outlook made it unlikely the city would be able to reduce taxes, but he warned against putting too much emphasis on raw economic statistics.
“You should not worry about certain figures going down in the short term or simply chase figures for the sake of figures. We need to focus on the long term,” Mr. Yu told the meeting, adding that he would not prop up the property market.
The meeting was closed to overseas journalists but was reported by Shanghai media yesterday.
Mr. Yu named employment as the municipal government’s top priority, particularly finding work for students about to graduate in summer from university, of which there are about 150,000 in the city.
“Some comrades have spoken about non-standard employment and whether we could have a policy on non-standard employment that could encourage creativity to increase employment under the current circumstances,” Mr. Yu said. “We need to think about more ways to achieve this.”
Although a proportion of university students in Shanghai come from other parts of the country, a government source said the actual number of job-seeking graduates could be as high as 200,000.
“For every one student leaving Shanghai, we estimate there will be five coming back from universities in other cities,” he said. “Students from Shanghai are most likely to come home to look for work when they graduate.”
Mayor Han Zheng also committed resources to shoring up employment figures in a speech made to the congress yesterday, pledging to launch a “one plus three” strategy to tackle the problem.
The plan involved a “professional plan” to promote creativity and three “special plans”, which would focus on vocational training for fresh graduates, measures to attract enterprises to employ longer-term job seekers and a series of short-term measures to dissuade businesses from laying off workers.
“This year, this city will place maintaining growth as its primary economic duty,” Mr. Han said.
He pledged to speed up development of the city’s service industries, particularly its roles as a financial centre and air transport hub.
In his speech to the opening of the congress on Tuesday, Mr. Han cut back predictions for growth in the city’s gross domestic product to just 9 per cent for this year, which would be the first single-digit annual growth since 1991.
Growth is anticipated to have been about 10 per cent last year, down from 13.3 per cent in 2007.
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