CPC Politburo Meeting Maps out Economic Policies for 2003

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Last updated at: (Beijing Time) Tuesday, December 03, 2002

CPC Politburo Meeting Maps out Economic Policies for 2003

General Secretary of the Chinese Communist Party Central Committee, Hu Jintao Monday presided over a meeting of the Central Committee's Political Bureau to analyze the economic situation in the country and work out the economic plan for the next year.

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Expanding domestic demand and taking on proactive fiscal measures and steady monetary policies will be one of China's chief goals to stimulate rapid and healthy economic growth next year.

This policy decision was made by the Political Bureau of the Communist Party of China (CPC)'s Central Committee who met Monday to map out key economic policies for 2003.

The meeting, chaired by Hu Jintao, the newly elected General Secretary of the CPC, was the first major meeting on the economy after the end of the 16th National Congress of the CPC in November.

The meeting pointed out that since the beginning of this year, Chinese people have made great achievements in all fields, under the able guidelines set by the CPC Central Committee, and in accordance with the Deng Xiaoping Theory and the thought of "Three Represents." These have also given the national economy a strong momentum for further development.

The meeting stressed that 2003 will be an important year for the implementation of the spirit of the Party's 16th National Congress to create a new situation of the country's socialist cause with Chinese characteristics.

China's GDP will hit a record 10 trillion yuan (US$1.2 trillion) by the end of 2002 as a result of the government's efforts in structural adjustment and in stimulating demand both at home and abroad, official data said.

China will likely see a gross domestic product growth of 8 percent year-on-year in 2003, continuing to become one of the most booming economies in the world.

The meeting requested all local governments and central departments should regard development as the top priority, and work hard to promote sustainable, rapid and healthy development of the national economy in accordance with the demands of building a well-off society in an all-round way.

China is expected to maintain the continuity and stability of the macroeconomic policy by increasing domestic demand and implementing a proactive fiscal policy, and a steady monetary policy.

The meeting also requests that they quicken the restructuring of agriculture and the rural economy, further the development of the new pattern of industrialization, actively promote the development of the West regions and further open up to the outside world by embracing the opportunity to join the World Trade Organization.

The meeting said a favorable environment should be created for economic development, and the social security system will have to be completed to improve people's standards of living and maintain social stability.

The meeting urged CPC members to implement the thought of "Three Represents" to achieve new victory in modernization and opening up, in accordance with the requirements set by the recently concluded 16th National Congress of the CPC.

An economic working conference of the central government will be held in the near future, but no exact date was revealed Monday.

By People's Daily Online

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