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China's top leadership meeting to establish new GDP target

CCTV.com

12-09-2014 16:34 BJT

Full coverage: 2014 Central Economic Work Conference

China's top leadership is meeting today in its annual gathering to map out the country's economic and reform plans for the coming year. A key task of those attending the Central Economic Work Conference will be to set next year’s GDP growth target. Some influential advisers are recommending that the government cut its 2015 growth target to 7 percent from this year’s 7.5 percent. Monetary policy and financial and state-owned enterprise reforms are also among the key topics being discussed at the conference.

Policymakers are expected to acknowledge challenges in maintaining rapid growth while deepening structural reforms. Analysts say that there is a high chance the leadership will agree to adopt a lower gross domestic product growth target for next year.The conference, expected to last two days or more, will set the tone for monetary and fiscal policies in the year ahead. While the central bank’s monetary stance may officially remain "prudent", it is expected to effectively adopt a more accommodative policy.

Policy makers are also expected to lay out priorities for reforms for next year. They will also set economic performance targets for next year, including GDP, inflation, fiscal revenue and money supply growth.

 

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