Central Economic Work Conference held in Beijing
December 19, 2016 Category Macro-economy, Weekly
The yearly three-day Central Economic Work Conference was held in Beijing last week to determine next year’s key economic policies. Members of the Communist Party’s Politburo, central government department heads, provincial and municipal chiefs and executives of major state-owned firms attended the conference. The five major tasks for next year were cutting excess capacity, destocking, deleveraging, cost cuts, and advancing underdeveloped sectors, Xinhua reported. “The principle is making progress while keeping stability, which will be particularly important in guiding next year’s economic work,” it said. China vowed to stabilize the exchange rate and curb real estate bubbles next year among measures to sustain economic growth while forging ahead with structural reform. Policy-makers will prioritize stability in 2017 while striving for progress in key areas that include reforms and economic growth, according to a statement issued after top leaders wrapped up the conference. China’s monetary policy will be kept “prudent and neutral,” with flexibility to ensure stable liquidity, and the fiscal policy will be more proactive and effective in supporting supply-side reforms, lowering business costs and ensuring public well-being, the statement said. China’s economic conditions have been stabilized and are improving, but conflicts between cutting overcapacity and upgrading demand remain, and the economy still lacks momentum, it said. Major economic goals are to keep the exchange rate of the yuan basically stable at a reasonable level, and promote the stable and healthy development of the real estate market, the China Daily reports.
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