Tuesday, September 29, 2020
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China to push economic reforms, keep policy stable in 2014

Beijing: China’s leaders pledged to quicken economic reforms in 2014 while keeping policy stability and continuity at a meeting of the decision-making politburo on Tuesday, the official Xinhua news agency reported.

China’s economy faces “challenges and opportunities” due to profound and complex changes” in the global and domestic environment, Xinhua said, citing a summary of the meeting.

China will promote reasonable growth in investment next year and foster new growth areas for consumption, the report said.

“We will maintain the consistency and stability of macro economic policies… and actively push forward reforms in key areas,” it said.

“We will continue to push ahead with the strategy of expanding domestic demand and speed up efforts to foster new growth areas for driving consumption. We will promote reasonable growth in investment and try to improve investment structure.”

The government will also steadily push land reforms and improve property market controls, Xinhua said.

China’s leadership has pledged to push sweeping economic and social reforms in the next decade to unleash fresh growth drivers for the world’s second-largest economy.

A Reuters poll showed annual economic growth this year could slow to 7.6 per cent — the weakest in 14 years — but ahead of the government’s target of 7.5 per cent.

China’s top policymakers will set key economic targets for 2014 at the annual Central Economic Work Conference, which is expected to be held later this month.

Some economists at government think-tanks believe Premier Li Keqiang will cut the growth target to 7 per cent in 2014 at the annual meeting of parliament next March.