China will continue to implement a series of policies next year to promote economic development and expand domestic demand, according to the Central Economic Working Conference which concluded in Beijing on November 17.

The conference pointed out that development is the key both for solving current economic difficulties and for long-term development in the next century. Next year China will continue to carry out pro-active fiscal policies and continue to issue bonds for financing construction.

Infrastructure construction and corporate technological upgrading will continue to be the key targeted sectors for investment, while at the same time close attention will be paid to structural readjustment. Efforts should be made to mobilize social investment and spur on consumption, the conference said.

According to the conference, the role of monetary policies will be further exploited, various monetary policy tools will be used in a comprehensive way, and money supply will be appropriately increased, in a bid to give greater financial support to economic growth.

The conference stressed that finance should give further support to infrastructure construction and technological upgrading, and ensure working capital for enterprises that enjoy good market shares and are profitable.

Debt-to-equity swaps should be well carried out to help alleviate the debt burdens of large state-owned enterprises. Credit policies capable of promoting the development of mid-sized and small enterprises of different ownership should be formulated. The proportion of direct financing should be increased, and efforts made to standardize and develop the capital market.

The conference warned that attention also should be paid to minimizing financial risks, monetary and credit administration should not be loosened, and financial security can only be realized by economic development.

It also pointed out that increased consumption can have a great impact on economic growth, so efforts should be made to spur urban and rural consumption and open more channels for consumption, of which the key is to heighten the selling of residential housing, education and several other sectors. (Xinhua)