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Economic task await China in 2010
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The central government has vowed to continue its fiscal and monetary policies next year, while improving the quality of economic growth. China's annual economic strategy meeting concluded with calls to ensure the country's recovery from the global downturn.
China's leaders pledged on Monday to push forward the transformation of its economic growth pattern, while maintaining stable and comparatively fast development next year.
Officials attending the three-day Central Economic Work Conference agreed that the global financial situation has added to the nation's urgency in adjusting its economic growth concept. Many economists say the current model is excessively dominated by state-led industries at the expense of consumer demand.
The meetings outlined six major tasks for economic work in 2010.
They are: Improving macro-regulation to ensure stable and relatively fast economic growth. Advancing economic structure adjustments to lift developmental quality and efficiency. Boosting rural growth momentum. Deepening reform and opening-up to enhance developmental momentum and vigor. Promoting stable export increases and improving people's livelihood while maintaining social stability.
The government will continue its efforts to boost domestic demand, especially in expanding consumer demand, which would lead to consumption contributing more to boost economic growth.
The government also plans to push for the recovery of exports, and promote balanced international trade.
The government vowed to balance the tasks of ensuring stable and relatively fast economic growth, adjusting economic structure, and managing inflation expectations next year.
This is the second time the government has mentioned managing inflationary prospects at a national event. The first came after an October State Council meeting highlighted the issue as a key macro-regulation point for the rest of 2009.
The country will maintain the continuity and stability of its macro-economic policy, while continuing to implement the proactive fiscal policy and moderately easy monetary policy.
The country is also striving to tightly control loans targeted at high energy-consuming and high pollution-creating industries, as well as those with excessive production capacity.
It was agreed that financial support would be strengthened for multiple sectors, including farming, science and technology, education, health care, social security, affordable homes, energy conservation, and environmental protection.
2010 will also mark the end of China's 11th five year plan. Participants said doing a good job in the country's social and economic development over the next 12 months is crucial in countering the impact of the international economic slowdown.
The Central Economic Work Conference is held once a year to set the tone for the following year's economic development. It brings together policymakers from both the central and provincial governments.
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