Economy

China vows to ensure stable economic growth

(Xinhua)
Updated: 2010-12-12 18:13

BEIJING - China pledged Sunday to enhance and improve macro-economic regulation to ensure stable and healthy economic development next year, a statement released after the annual Central Economic Work Conference said.

Next year's macro-regulation should basically be proactive, stable, prudent and flexible, the statement said.

The focus will be better handling the relationship between stable and relatively fast economic development, economic restructuring and inflation expectations in an active and stable way, it said.

Participants at the three-day conference, one of China's most important economic-policy-making events, agreed to exert greater efforts to keep prices stable next year.

They also agreed to accelerate the strategic transformation of the country's economic development pattern in order to make economic development more coordinated, sustainable and reliant on the domestic economy.

China's economy grew 9.6 percent year on year in the third quarter this year, slowing from the 10.3-percent increase in the second quarter and 11.9-percent surge in the first quarter.

With inflation rate at a 28-month high of 5.1 percent in November, China has been striving to boost farm produce supply while clamping down on price speculation.

To curb inflation and soak up excessive liquidity, the country's central bank has raised banks' reserve requirement ratio six times this year.

The statement said the country will push forward the development of modern agriculture in 2011 and guarantee farm produce supply.

It said the world's economy is likely to resume growing next year, though many uncertainties will remain.

"The global financial crisis had a significant impact on the global economy and the world economic order is undergoing profound and complicated change," it said.

Participants at the meeting agreed China's stable economic development will encounter a complicated situation next year, with many challenges and difficulties.

The uncertainties for the Chinese economy include: the grain harvest and farmers' income; increased pressure to adjust the economic structure; resource and environment bottlenecks; the challenging task of improving people's livelihood and guaranteeing social stability.