China to maintain continuity of macro-economic policy

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Last updated at: (Beijing Time) Sunday, November 30, 2003

China to maintain continuity of macro-economic policy

China will maintain continuity of its macro-economic policy to ensure steady economic growth in 2004,according to a national economic meeting which closed Saturday in Beijing.

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China will maintain continuity of its macro-economic policy to ensure steady economic growth in 2004,according to a national economic meeting which closed Saturday in Beijing.

The Chinese economy is in the upward phase of the economic cycle and it is necessary to maintain the continuity and stability of its macro-economic policy to enhance confidence and stabilize the overall situation, according to the annual Central Economic Work Conference jointly held by the Central Committee of the Communist Party of China (CPC) and the State Council.

China will continue to stimulate its domestic demand and implement proactive fiscal policy and prudent monetary policy in the new year while making timely and proper readjustments in policy priorities for steady economic growth, the meeting decided.

Efforts will also be made to step up tax collection nationwide to increase revenues while restructuring public expenditures to ensure sufficient funds for key projects,.

More public funds will be spent on agriculture and rural economy, on social development, on the country's program of developing the western regions and the revitalization of the old industrial bases in northeast China.

The sectors that will get more financial support from the state also include environmental protection, re-employment, social security system and key state construction projects.

The meeting also called for the comprehensive use of various instruments in implementing the monetary policy so as to produce better effect through the coordination of monetary policy, fiscal policy and industrial policy.

To maintain a prudent monetary policy, efforts should also be made to properly control credits, improve their structure and maintain an adequate growth of monetary supply, according to the meeting.

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