China to stay with proven fiscal path
By Wang Yanlin |
December 8, 2009, Tuesday
|
Print Edition
Print Edition
CHINA will continue its proactive fiscal policy and a moderately easy monetary policy next year, the country's decision makers said at the Central Economic Work Conference that concluded in Beijing yesterday.
The three-day conference, an annual event initiated more than a decade ago, said China will make the expansion of domestic consumption, particularly consumer spending, a key task.
It will also accelerate urbanization and the reform of industrial structure to secure the achievements China had already made.
"China pledges to push forward the transformation of the 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 structural adjustment and improving the quality and efficiency of economic growth in 2010, leaders said.
Top officials, including President Hu Jintao, Premier Wen Jiabao and legislator Wu Bangguo, were at the meeting.
The outcome was in line with market expectations and mirrored China's responsible attitude toward the global economy, analysts said.
"Voices at the conference set the tone for China's economic strategy next year, which calmed concerns over the path of China's stimulus package," said Li Maoyu, an analyst at Changjiang Securities Co.
Last week, a meeting of the Politburo of the Central Committee of the Communist Party of China also said the country would keep its expansionary policy stance basically unchanged and continue to strengthen macroeconomic control.
China launched its massive 4 trillion yuan (US$586 billion) stimulus at the end of last year.
Recent signs of recovery have triggered guesswork over whether the world's third-largest economy may withdraw from the original plan.
China's gross domestic product jumped 8.9 percent from a year earlier in the third quarter, consolidating from the gains of 7.9 percent in the second quarter and 6.1 percent in the first three months.
A book by the Chinese Academy of Social Sciences said the country's economy had shown V-shaped growth.
"There is no doubt that China can fulfill its goal of 8 percent growth this year," Chen Jiagui, the book's major compiler, said yesterday at a press conference.
"China's development will be mild and stable next year."
He expects China's GDP to expand 8.3 percent on an annual basis this year and accelerate to more than 9 percent next year.
The book also predicted China's consumer prices would rise again next year but dismissed concerns about strong inflation, partly because demand for housing had been gradually fulfilled in recent months.
China's stock market may be volatile next year, Chen said.
The CASS forecasts echoed some results by a United Nation report released last week.
The UN economic report said China's economic growth was projected to reach 8.8 percent next year, but still needed time to catch up with the pace of the time before the international economic crisis hit.
The three-day conference, an annual event initiated more than a decade ago, said China will make the expansion of domestic consumption, particularly consumer spending, a key task.
It will also accelerate urbanization and the reform of industrial structure to secure the achievements China had already made.
"China pledges to push forward the transformation of the 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 structural adjustment and improving the quality and efficiency of economic growth in 2010, leaders said.
Top officials, including President Hu Jintao, Premier Wen Jiabao and legislator Wu Bangguo, were at the meeting.
The outcome was in line with market expectations and mirrored China's responsible attitude toward the global economy, analysts said.
"Voices at the conference set the tone for China's economic strategy next year, which calmed concerns over the path of China's stimulus package," said Li Maoyu, an analyst at Changjiang Securities Co.
Last week, a meeting of the Politburo of the Central Committee of the Communist Party of China also said the country would keep its expansionary policy stance basically unchanged and continue to strengthen macroeconomic control.
China launched its massive 4 trillion yuan (US$586 billion) stimulus at the end of last year.
Recent signs of recovery have triggered guesswork over whether the world's third-largest economy may withdraw from the original plan.
China's gross domestic product jumped 8.9 percent from a year earlier in the third quarter, consolidating from the gains of 7.9 percent in the second quarter and 6.1 percent in the first three months.
A book by the Chinese Academy of Social Sciences said the country's economy had shown V-shaped growth.
"There is no doubt that China can fulfill its goal of 8 percent growth this year," Chen Jiagui, the book's major compiler, said yesterday at a press conference.
"China's development will be mild and stable next year."
He expects China's GDP to expand 8.3 percent on an annual basis this year and accelerate to more than 9 percent next year.
The book also predicted China's consumer prices would rise again next year but dismissed concerns about strong inflation, partly because demand for housing had been gradually fulfilled in recent months.
China's stock market may be volatile next year, Chen said.
The CASS forecasts echoed some results by a United Nation report released last week.
The UN economic report said China's economic growth was projected to reach 8.8 percent next year, but still needed time to catch up with the pace of the time before the international economic crisis hit.
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