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Highlights of China's Central Economic Work Conference

(Xinhua)    09:41, December 12, 2014
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BEIJING, Dec. 11 -- China's leaders and senior officials concluded the three-day Central Economic Work Conference Thursday, a crucial meeting aiming to set the tone for economic policies in 2015.

The government will strive to keep economic growth and policies steady and adapt to the "new normal" of slower speed but higher quality.

The following are highlights of the statement issued after the meeting:

REVIEWING 2014

-- China can deliver its social and economic goals for 2014 "relatively well."

-- The economy will stay within a reasonable range, with positive changes emerging in the economic restructuring.

-- The economy still faces many difficulties and challenges, with "relatively big" downward pressures.

NEW NORMAL

-- We must understand the new normal, adjust to the new normal, and develop under the new normal.

-- Coming to terms with the new normal will be the "main logic" for economic growth for some time.

-- Chinese economy has entered the new normal, featuring a shift from high speed growth to a medium-to-high one.

-- The focus of economic growth will be shifting from quantity and speed to quality and efficiency.

-- Economic momentum is increasingly driven by new engines rather than old ones.

-- The new normal has not changed the strategic importance of a period that will see great achievements, nor the fundamentals of the Chinese economy.

WORLD ECONOMY

-- World economic growth will probably pick up slightly in 2015, but the recovery will remain weak.

-- After the global financial crisis, the world saw drastic fluctuations in financial markets and the price of bulk commodities, as well as more influence of non-economic factors like geopolitics.

-- China must weigh the favorable and adverse factors and make the right decisions, follow the trend and and prevent various risks.

NEW TASKS

-- China should stick to the keynote of seeking progress while maintaining stability and focus on boosting economic growth quality and efficiency.

-- China will proactively adapt to the economic "new normal," keep economic operation within a reasonable range and put economic development model transformation and restructuring even higher on the agenda.

-- Continuity and stability are key to macroeconomic policies.

-- The proactive fiscal policy should be stronger and the prudent monetary policy should be more focused on striking a proper balance between being tight and loose.

-- China will strive to keep economic growth and policies steady in 2015.

-- China should develop new growth points, as the country is full of new growth points and enormous potentials.

-- Transformation of the agricultural sector should be accelerated. Good solution to issues concerning the agricultural sector, countryside and farmers are among the top tasks of the Party.

-- Regional integration and development policies should be improved for the country's west, northeast, central and eastern parts.

-- China will continue improving people's livelihood with necessary and timely support, especially for those with low incomes.

REFORM AND OPENING UP

-- Reform will be sped up in administrative approval, investment, pricing, monopolies, franchising, government purchased services, and outbound investment.

-- The evaluation system for reform and general public access the reform work will be improved.

-- The problems of state-owned enterprises will be addressed and efforts will be made to improve their efficiency and core competitiveness.

-- The leaders decided to expand market access in the service sector, further open up the manufacturing sector, and popularize experiences of the China (Shanghai) Pilot Free Trade Zone (FTZ).

-- Efficiency and quality of outbound investment will be improved, sectors with a competitive edge will be encouraged to go overseas, and the internationalization of the yuan will be boosted in steadily.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)

(Editor:Du Mingming,Yao Chun)
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