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Home >> Business
UPDATED: 07:57, December 08, 2006
China's Central Economic Work Conference closes, mapping plans for 2007
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China's 2006 Central Economic Work Conference closed Thursday in Beijing, with the drawing up of major economic strategies and policies for 2007.

The conference made balancing international payments a major goal for next year.

Chinese leaders pledged to redouble efforts to vigorously expand imports and overseas investment, while maintaining rational export growth and use of foreign investment.

President Hu Jintao and Premier Wen Jiabao delivered speeches at the three-day conference.

China's trade surplus reached 133.62 billion U.S. dollars in the first ten months this year, exceeding the 101.9 billion-U.S. dollars for the whole 2005.

Having attracted more foreign investment than any other developing country for the 15th consecutive year, China is estimated to hold about one trillion U.S. dollars in foreign exchange reserves.

The growing trade surplus has led to frequent trade friction, while the large international payments surplus has increased the pressure for appreciation of the Chinese currency, or Renminbi.

Experts say too much foreign exchange has forced the central bank to issue more Renminbi, causing excessive fluidity in domestic financial markets.

Conference delegates proposed the government should focus on bringing in advanced technologies, management and foreign expertise.

The government would continue the strategy of "going global" by encouraging overseas investment, officials said.

China's direct investment overseas neared 12.3 billion U.S. dollars last year, according to the 2006 World Investment Report by the United Nations.

The report shows China's overseas investment only accounted for 0.59 percent of the global foreign investment last year, much less than the 4.4 percent share of global gross domestic product (GDP) value and the 6.5 percent of world trade.

The government should increase export tax rates on primary resources like unprocessed steel, and encourage imports of technologies and resources, said Chen Dongqi, vice director of the Academy of Macroeconomic Research with the National Development and Reform Commission.

Source: Xinhua

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