China to keep policy and growth steady in 2014, push reform

Business & Markets 2013
Written by Reuters
Friday, 13 December 2013 20:28
A + A - Reset
(13/12/13 19:27:51)
BEIJING (Dec 13): China's leaders pledged to maintain stable economic
policies to achieve reasonable economic growth in 2014, while forging ahead
with reforms, as they wrapped up a closed-door meeting on Friday, state radio
reported.
China will stick with a prudent monetary policy and pro-active fiscal policy next
year, the report said, citing a statement issued after the annual Central
Economic Work Conference, which brings together top party leaders,
government ministers and provincial officials.
"We will maintain stability and continuity in macro-economic policies. We will
maintain appropriate growth in gross domestic product," it said.
No target for 2014 GDP growth was announced.
The meeting, chaired by President Xi Jinping, called for keeping reasonable growth in credit and social financing next year, while pushing
forward interest rate and yuan currency reforms.
The government would control local government debt and take steps to resolve over-capacity problems, it said without elaborating.
China's leaders have pledged to steer the economy away from its dependence on investment and exports, to one driven more by
consumption, services and innovation, which they consider more sustainable.
The economy is widely seen growing an annual 7.6-7.7 percent in 2013, just ahead of the government's 7.5 percent target, but still near
the weakest pace since the Asia financial crisis in the late 1990s.
Top government think tanks which make policy proposals, have been divided over whether the growth target should be cut to 7 percent in
2014, from this year's 7.5 percent.
The government aims to set specific reform plans for next year, after the Communist Party last month unveiled sweeping economic and
social changes, including relaxing the country's one-child policy and liberalising financial markets.
The leadership has decided to set up a high-level central leading group on reforms. State radio said on Friday, that all local governments
would also establish similar bodies to steer change.