The nation will continue to strengthen macroeconomic regulation
next year to promote sound and rapid economic growth, a meeting of
the Political Bureau of the Communist Party of China (CPC) Central
Committee said yesterday.
The meeting, presided by President Hu Jintao, said although the country has made
headway in maintaining stable economic growth, problems exist.
The top priority next year will be to prevent relatively fast
economic growth from overheating and stop structural price rises
from evolving into entrenched inflation.
Gross domestic product (GDP) expanded by a blistering 11.5
percent in the first three quarters year on year.
The consumer price index grew by 6.5 percent in October,
matching the decade's high in August. It is expected to reach 4.5
percent for this year, much higher than the benchmark of 3 percent
set by the central bank earlier this year.
Measures will be taken to continue to strictly control excessive
growth in fixed-asset investment and keep prices stable, the
meeting said.
China will also focus more on the drive to save energy and cut
pollutant emissions, Hu said at a recent meeting soliciting
opinions on the current economic situation from non-Communist
parties, industrial and commercial federations and people without
party affiliation.
Premier Wen Jiabao made it clear last week that the country will
strive to maintain stable prices and sound economic growth.
The remarks are seen as setting the tone for the upcoming
high-level central economic conference, whose date has not been
announced.
The conference "will pave the way for smooth implementation of
central policies by local governments next year", Chen Gong,
chairman and chief economist of Beijing-based Anbound Consulting,
told China Daily.
It is quite likely that the central authorities will take
harsher measures next year to curb fast-growing fixed-asset
investment, he said.
Urban fixed-asset investment grew by 26.7 percent year on year
during the January-October period, while real estate investment
rose by 31.4 percent, up from 30.3 percent in the first nine
months.
(China Daily November 28, 2007)
