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--Reining In Financial Risks, Continued Supply-Side Reforms Remain Top Goals
--'Prudent And Neutral' Monetary Policy To Continue
BEIJING (MNI) - China on Wednesday pledged to fully implement a series of
policy prescriptions over the next three years in line with President Xi
Jinping's "Socialist Economic Thought," focused on financial deleveraging, a
"prudent and neutral" monetary policy, continued supply-side reforms,
environmental protection and various market-opening measures.
The government also said in a communique at the end of its three-day
Central Economic Work Conference, which sets the course of the country's
economic policies, that it was prepared to promote private investment and
continue to tamp down on the country's red-hot property market in order to
prevent a bubble, while at the same time more fully opening its housing system
and encouraging renting.
The statement said China would "fight the critical battle of addressing
major risks with the priority on managing and preventing financial risk,"
according to Xinhua News.
"Prudent monetary policy should be kept neutral, the floodgates of monetary
supply should be controlled, and credit and social financing should see
reasonable growth," the statement said. "Meanwhile, the proactive orientation of
fiscal policy will be maintained, while the structure of fiscal spending should
Overall, the statement said, China would focus on quality over quantity in
its economy while keeping GDP within a "reasonable range" and continue to cut
industrial overcapacity and push new growth drivers. The party will also start a
"targeted" poverty-reduction campaign, it said.
The closed-door meeting, which was attended by more than 400 top government
officials, also stressed that China will continue to strengthen state-owned
enterprises and improve its SOE reform plan.
The country will also make a concerted effort to cut the cost of the real
economy and guide outbound investment at an "efficient" pace, the statement
The CEWC goals hew closely to those set out at the 19th Communist Party
Congress in October and to the three economic "battles" identified by the
Standing Committee Politburo earlier this month -- tackling financial risks,
cutting down on pollution and reducing poverty.
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