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Beijing - China will ensure stable and fast economic growth in 2012 and will fine-tune policies according to changes in the global economy, the Communist Party’s top leaders decided on Friday.
Beijing will also manage inflation expectations and maintain property calming measures to ensure house prices return to a “reasonable” level, the Chinese government said in an announcement carried by the official Xinhua news agency.
The government also pledged to maintain stable export growth while boosting imports in the year ahead to better balance its trade accounts.
Top Chinese leaders are meeting to decide economic priorities for 2012, the last full year of President Hu Jintao’s tenure ahead of a critical leadership succession.
The decisions will be rubber stamped by the Central Economic Work meeting, expected to convene a three-day session from Monday and the biggest annual event in China’s economic calendar.
Observers hoping that Hu and Premier Wen Jiabao will mark their waning days in office with bold policy measures are likely to be disappointed.
This year’s conference will chart the course for monetary and fiscal policy for 2012 and discuss key economic targets ahead of a parliament meeting in March next year.
But with Europe in turmoil, US consumer demand in question and China’s own economy cooling, the caution that has been a hallmark since Hu and Wen rose to power in 2002 will likely be on display.
The two leaders are expected to retire from their party posts in late 2012 and their state positions the following March, ending a decade in power that has seen China’s economy overtake Japan as the world’s second largest.
The effort needed to choreograph a soft landing is substantial though, underscored by a raft of data on Friday that showed a welcome easing of inflationary pressure on consumers while also signalling a serious risk of a sharp industrial slowdown, a potentially perilous mix for policymakers.
Beijing will also manage inflation expectations and maintain property calming measures to ensure house prices return to a “reasonable” level, the Chinese government said in an announcement carried by the official Xinhua news agency.
The government also pledged to maintain stable export growth while boosting imports in the year ahead to better balance its trade accounts.
Top Chinese leaders are meeting to decide economic priorities for 2012, the last full year of President Hu Jintao’s tenure ahead of a critical leadership succession.
The decisions will be rubber stamped by the Central Economic Work meeting, expected to convene a three-day session from Monday and the biggest annual event in China’s economic calendar.
Observers hoping that Hu and Premier Wen Jiabao will mark their waning days in office with bold policy measures are likely to be disappointed.
This year’s conference will chart the course for monetary and fiscal policy for 2012 and discuss key economic targets ahead of a parliament meeting in March next year.
But with Europe in turmoil, US consumer demand in question and China’s own economy cooling, the caution that has been a hallmark since Hu and Wen rose to power in 2002 will likely be on display.
The two leaders are expected to retire from their party posts in late 2012 and their state positions the following March, ending a decade in power that has seen China’s economy overtake Japan as the world’s second largest.
The effort needed to choreograph a soft landing is substantial though, underscored by a raft of data on Friday that showed a welcome easing of inflationary pressure on consumers while also signalling a serious risk of a sharp industrial slowdown, a potentially perilous mix for policymakers.
