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December 6, 2009

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Home » Business » Economy

Key economic meeting begins

CHINA'S decision makers gathered yesterday in Beijing to determine economic policies for 2010, aiming to better deal with the impact of the international financial crisis and consolidate the foundation for economic recovery.

The Central Economic Work Conference, an annual event initiated more than a decade ago, started days after China said it would continue the "proactive" fiscal policy and "moderately loosen" monetary policy next year.

The conference, attended by senior officials from both central and local governments, will review China's stimulus measures over the past year and determine the parameters of policy for next year.

Analysts with the Development Research Center of the State Council, a government think tank, said coping with the further impact of the international financial crisis would remain a major task for China in 2010.

To continue fiscal and monetary policies and implement and enrich the economic stimulus package would help China achieve full economic recovery, the analysts said.

They expected more efforts to transform the mode of development and economic restructuring next year.

Meanwhile, they believed the government would further deepen reform and opening-up, push innovation, and improve people's livelihood.

However, they warned that China should prepare for a bumpy ride next year as the road of global economic recovery would be "long and winding."

An increase in the country's exports would still be difficult with a grim forecast for overseas demand, and domestic consumption should be further boosted to drive economic growth, they said.

Decision makers at the conference were also expected to address issues such as tackling overcapacity in some industries and promoting the development of strategic emerging industries.

Despite the global downturn, China had outperformed other major economies in 2009. Gross domestic product had grown by 8.9 percent year on year in the third quarter and growth for the year was expected to exceed 8 percent.


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