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UPDATED: 09:56, December 06, 2004
China to exercise prudent fiscal, monetary policy next year
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China will carry out a prudent fiscal and monetary policy and continue to strengthen and improve the macro-control in 2005, according to a central government's economic conference on Sunday.

"To maintain steady and relatively fast economic growth, we must set the targets of economic growth properly and handle well the relationship between speed, quality and efficiency. The emphasis should be fully put on the quality and efficiency of economic growth," says a decision made by the Communist Party of China (CPC) Central Committee and the State Council at the conference which concluded on Sunday.

The decision says China will carry out a prudent fiscal and monetary policy and continue to make efforts to bring under control the excessive growth of investment on fixed assets in 2005. Full play will be given to the economic and legal means in macro control, it says.

Redoubled efforts will be made to quicken the development of agricultural production and rural areas and improve the income of farmers. The decision also calls for efforts to improve the consumption power of urban and rural residents to make consumption a stronger propeller of the economic growth.

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