Leaders of China's ruling Communist Party decreed that they would continue to maintain the current "proactive fiscal policy and moderately loose monetary policy" into next year at the close of this year's Central Economic Work Conference.
High-level policymakers from central government departments, the military and provincial-level governments agreed on the general direction of economic policy for the coming year at the conference, which concluded in Beijing on Monday.
According to official reports of the issues discussed at the three-day meeting published by China's official Xinhua News Agency, the conference highlighted the urgency of transforming the structure of the country's economic development model while at the same time maintaining stable and relatively quick economic growth.
Official reports covering this year's meeting included a list of the 6 major tasks that the conference had set for central policy makers in the following year:
Improve the quality of macro-regulation, maintain stable and relatively fast economic growth.
Expand efforts to adjust the structure of China's economy, improve the quality and efficiency of economic growth.
Lay a good foundation for rural development policies, expand domestic consumption.
Deepen the reform of the economic system, increase the momentum vitality and of economic growth.
Promote the stable growth of exports, promote balanced international trade.
Make an effort to protect and improve people's livelihood, use all efforts to maintain social stability.
Xinhua also reported on the "five main signals" that they were taking from the meeting:
A focus on changes in mode of development
Despite the decision not to alter current fiscal policy or monetary policy, there's a note of greater flexibility
An effort to enhance the capacity of household consumption
Medium and small cities to relax restrictions on the household registration
Deepen reform and opening up policies, increase the momentum of development
Although not featured prominently in the official coverage of the conference, newspapers and major web portals like Sina devoted large headlines to the stated task of "increase the effort devoted to adjusting income distribution among the Chinese people, strengthen low income earner's capacity to consume."
Links and Sources
Gov.cn: Xinhua Report (Chinese)
Xinhua: Six Major Tasks (Chinese)
Xinhua: Five Signals (Chinese)
The Beijing News: Headline (Chinese)
Sina: Special Coverage (Chinese)
