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China to keep steady economic growth in 2012

12-15-2011 13:55 BJT Special Report:2011 Central Economic Work Conference |

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With the U.S. recovery flagging, and Europe mired in debt crisis for the foreseeable future, many nervous eyes are on China - and where the world's second-largest economy is heading.

China's Central Economic Work Conference has concluded in Beijing, setting the tone for the macroeconomic policies of 2012. The central government has announced it will continue its proactive fiscal policy and prudent monetary policy, to seek steady and relatively fast economic growth next year.

Steady, while still making progress.

That's the overall direction for China's macroeconomic policy in 2012.

Zhang Liqun, researcher of State Council Dev't Research Centre, said, "This shows the government is adjusting its policies from combating the economic crisis to normal. As policies are fine-tuned, China's growth momentum from government stimulus-driven, to market-driven."

As discussed at the conference, the top priority for next year is to balance the relationship between economic growth, economic structure and inflation.

Qi Jingmei, researcher of State Information Centre, said, "The continuing macroeconomic policy is the basis for keeping the economy growing. But the speed of growth should be steady, which is more suitable for China's economic structural reform. Meanwhile, inflationary pressure still remains, so curbing rising prices is still an important task."

Even though the economic work conference placed more focus on boosting growth, analysts say it doesn't mean the government will loosen its policies aimed at taming rising prices. They say the change in key words just shows that inflationary pressure is easing, while there's a bigger risk of slower economic growth.

Zhang Liqun said, "The government will continue its work in controlling inflation to maintain steady prices. That will provide a good environment for reforming the economic growth pattern and structure."

The economic work conference also highlighted the government's efforts to improve living standards in China.

Zhang Liqun said, "The government should put more effort to bettering people's lives. It should speed up and strengthen its work in improving public industries and public service."

Analysts also note, the conference made boosting consumption as one of major tasks in expanding domestic demand. They say the government's initiatives in expanding the country's middle class - and boosting their spending power - will have positive impact on promoting consumption.

 

Editor:Liu Fang |Source: CNTV.CN

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