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China on course to expand consumption

CHINA will continue its proactive fiscal policy and moderately easy monetary policy next year, the country's decision makers said at the Central Economic Work Conference which concluded today.

The three-day conference agreed that China will expand domestic consumption and consumer spending as a priority. The nation will also accelerate urbanization and the reform of its industrial structure to secure its achievements.

"China pledges to push forward the transformation of its economic development pattern next year while maintaining a stable and comparatively fast economic growth," leaders said at the conference, according to Xinhua news agency.

China will focus more on economic structure adjustment and improving the quality and efficiency of economic growth in 2010, Xinhua said.

China's top leaders including President Hu Jintao, Premier Wen Jiabao and top legislator Wu Bangguo were at the meeting.

The result was largely in line with the market expectation, and mirrored China's responsible attitude towards its role in the global economy, analysts said.

"Voices at the conference set the tone for China's economic strategy next year and calm concerns for the exit of China's stimulus package," said Li Maoyu, an analyst at Changjiang Securities Co.


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