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Chinese leaders lay out 2015 visions at Central Economic Work Conference


12-12-2014 00:27 BJT

Full coverage: 2014 Central Economic Work Conference

The three-day Central Economic Work Conference concluded today. China’s top leaders have mapped out the policy agenda for the world’s 2nd largest economy in 2015.

Chinese leaders have laid out their visions for the government’s economic policies in the coming year...and a key phrase during the Central Economic Work Conference has been the economic "new normal".

President Xi Jinping said that Chinese consumers’ needs have become more diversified, and some sectors have become overheated. Also, China’s labour advantage in international trade is decreasing.

Therefore, the new normal calls for new thinking in the government’s economic work, which is a point that’s also widely raised by experts.

During the work conference, President Xi acknowledged that financial risks like over-leverage and bubble in the economy still persist. He said in order to balance growth with structural reforms, the government will maintain a proactive fiscal policy and a stable monetary policy.

Chinese leaders have defined 2015 as a key year to deepen the country’s comprehensive reforms. The Chinese economy is in the stage of a new normal, and it is widely expected that the series of decisions announced today could help transform China’s growth structure and spark new growth points.

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