Top Biz News

China to continue fiscal and monetary policies next year

(Xinhua)
Updated: 2009-12-07 15:21

President Hu Jintao addresses the Central Economic Work Conference which ended on Dec 7, 2009 in Beijing. [Xinhua]

China would continue to adopt the proactive fiscal policy and moderately easy monetary policy next year and endeavor to improve the economic growth quality, according to the Central Economic Work Conference Monday.

President Hu Jintao and Premier Wen Jiabao addressed the meeting, which is held once a year to set the tone for economic development during the next year, said a statement from the conference.

As 2010 was the last year in the counry's 11th five-year plan, it was agreed economic and social development next year was of great importance to deal with the impact of the international economic downturn comprehensively and lay a sound foundation for China's 12th five-year plan.

Participants agreed more efforts would be made to promote the transformation of the economic development pattern and structural adjustment and to enhance the focus and flexibility of economic policy.

The Central Economic Work Conference comprises policy-making officials from the central government and its departments as well as provincial-level governments.

Transformation of development pattern

Special Coverage: Central Economic Work Conference
Related readings: No change in fiscal, monetary policies China to keep stable economic policy in 2010 Nation to build its buying power: Hu

The government pledged on Monday to push forward the transformation of its economic development pattern next year while maintaining stable and comparatively fast economic growth.

Participants at the three-day annual conference agreed that the global financial crisis highlighted the urgency to transform China's economic development pattern.
They agreed that the government should coordinate efforts to maintain stable and comparatively fast economic growth and speed up the transformation of the economic development mode.

The government would focus more on economic structure adjustment and improving the quality and efficiency of economic growth in 2010, according to a decision made at the conference.

More efforts would be spent to deepen economic system reform and enhance the momentum and vigor of economic growth.