China eyes stable growth amid 'extremely grim' outlook

Updated: 2011-12-14 13:34


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BEIJING - China will seek stable and relatively fast economic growth next year amid the "extremely grim and complicated" global outlook, according to a statement issued after the closure of an annual central economic work conference on Wednesday.

The main theme of next year's economic and social development will be "making progress while maintaining stability," the statement said. The plans mapped out at the conference will chart the course of next year's economic work.

"Stability means to maintain basically steady macro-economic policy, relatively fast economic growth, stable consumer prices and social stability," the statement said.

"To make progress, we must seize this strategically important development period to make new advances and breakthroughs in transforming China's economic development model, deepen reform and improve people's lives," it said.

The country will maintain its prudent monetary policy and proactive fiscal policy in 2012.

With the world economy slowing and international financial markets in chaos, several prominent risks have arisen. The world's economic recovery is expected to remain unstable and uncertain, the statement said.

"We should strengthen our awareness of risks and develop a full understanding of the challenges and opportunities brought by the global financial crisis to enhance our comprehensive strength and global competence through more strategic planning," it said.

China's economic growth has been slowing all year. Its GDP growth slowed to 9.1 percent in the third quarter from 9.5 percent in the second quarter and 9.7 percent in the first quarter.

Growth of the consumer price index (CPI), a main gauge of inflation, eased to 4.2 percent in November from this year's peak of 6.5 percent in July. It was the slowest pace seen since last September, when it rose 3.6 percent.

However, even with the sharp fall in November, the country's CPI rose 5.5 percent year-on-year during the January-November period, well above the government's full-year inflation control target of 4 percent.