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China opens meeting on 2012 economic policies

(Global Times)

08:31, December 13, 2011

Citizens buy vegetables in a supermarket in Chongqing, southwest China, Dec. 9, 2011. China's consumer price index (CPI), a main gauge of inflation, rose 4.2 percent year-on-year in November, further weakening from 5.5 percent in October mainly due to falling food prices, the National Bureau of Statistics said on Friday. The inflation rate in November was a 13-month low since October last year. (Photo: Xinhua)

China opens its Central Economic Work Conference on Monday, where high-ranking officials meet to establish the country's macroeconomic policies for the upcoming year. Analysts predict the priority of the meeting will be reaching solutions to sustain economic growth at a "stable and relatively fast" speed.

Ding Yifan, a researcher at the Development Research Center of the State Council, told the Global Times on Monday that China's GDP growth next year will probably be lower than 9 percent as a result of the cooling property market and ongoing European crisis.

"Sustaining the country's economic growth will outweigh the curbing of inflation or the economic structure adjustment at this year's three-day conference," Ding said.

The drop in China's export volume growth owing to the sluggish market demands overseas triggered by the European debt crisis largely decreased the country's economic growth, according to Ding.

Statistics from the General Administration of Customs released on Saturday showed that China's trade surplus volume was $14.52 billion in November, 14.74 percent lower than that of October. The export volume growth decreased during the consecutive four months to date according to the data.

Ding also said the export volume will further decrease next year as a result of a number of finance austerity measures from the European nations, for example, their large-scale slice of government financial expenditures, to cope with the gloomy economy.

China's trade surplus volume is expected to decrease $30 billion this year and another $50 billion next year owing to European economic woes according to Ba Shusong, deputy director of the Financial Research Institute, the Development Research Center of the State Council, the Nanfang Daily reported.

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