This policy decision was made by the Political Bureau of the Communist Party of China (CPC)'s Central Committee who met Monday to map out key economic policies for 2003.

The meeting, chaired by Hu Jintao, the newly elected General Secretary of the CPC, was the first major meeting on the economy after the end of the 16th National Congress of the CPC in November.

China's GDP will hit a record 10 trillion yuan (US$1.2 trillion) by the end of 2002 as a result of the government's efforts in structural adjustment and in stimulating demand both at home and abroad, official data said.

The nation will likely see a gross domestic product growth of 8 per cent year-on-year in 2003, continuing to become one of the most booming economies in the world.

State officials at the meeting believed that the measures are in tune with the nation's aspirations to build a Xiaokang (well-off) society.

Key public policy makers said that the rural economic structure of China needs to be adjusted and a new type of industrialization needs to be promoted.

They also agreed to forge ahead with the nation's "Go West'' campaign to upgrade the less-developed western regions..

Reform was urged in a variety of fields to pave the way for a more amenable environment for economic growth.

State officials also called for expanding China's opening-up by taking advantage of the nation's admission into the World Trade Organization.

In fiscal policy, they proposed to take more measures to increase revenues while setting a frugal approach on spending.

Meanwhile, the officials also advised upgrading the social security network to improve the living standards of urban and rural people to maintain social stability.

An economic working conference of the central government will be held in the near future, but no exact date was revealed Monday

(China Daily December 3, 2002)