I believe that it is important to further secure the establishment of these conditions and to emerge from the stage of gemergency relief measures h to escape the deflationary crisis, and thus to promptly accomplish grebuilding on the defensive. The third stage of the rebirth of the economy is grebuilding on the offensive h to create new mechanisms for Japanese industry and the Japanese economy. Specifically, it is a policy to realize a more efficient society by generating new industries and promoting competition through regulatory reforms, as well as by reforming public works projects. It is also a policy to enhance human resources through education reforms and to accelerate technological progress through science and technology development. In today fs global economy, there is a great chance to heighten the capacity for growth by utilizing the vitality inherent in the market.
Japan intends to further improve potential economic growth capacity itself.
By doing so, I believe that we can work towards promoting structural reforms while realizing long-term economic growth, thereby orchestrating the genuine rebirth of the Japanese economy. Two-thirds of the social investment provided in the supplementary budget is concentrated in these four areas. Also, the Action Plan for Economic Structure Reform, for the growth and development of the Japanese economy, which is facing great environmental changes, was adopted on 1 December. In line with this Action Plan, the entire Cabinet will use its full strength to promote economic structural reforms. Spurring the IT Revolution Drastic advances in the IT revolution have been raised as a key element of the Supply-Side Policy.