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    China to adapt to “new normal” of growth: CPC
    December 12, 2014, 5:24 am

    Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, speaks at the Central Economic Work Conference in Beijing, capital of China. The conference was held in Beijing from Dec. 9 to 11, 2014 [Xinhua]

    Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, speaks at the Central Economic Work Conference in Beijing, capital of China. The conference was held in Beijing from Dec. 9 to 11, 2014 [Xinhua]

    The Chinese economy will adapt to the “new normal” of slower speed but higher quality, China’s Communist Party said at a key meeting on economic policy that concluded on Thursday in Beijing.

    China must “understand the new normal, adjust to the new normal and develop under the new normal,” said a statement released after the meet. The term “new normal” is used to describe below-average growth after the global crisis.

    China’s leaders including President Xi Jinping and Premier Li Keqiang stressed that the economy still faces many challenges and “relatively big” downward pressures as growth in the third quarter slid to a low not seen since the 2008/2009 global financial crisis. The Chinese economy has been dragged down by a housing slowdown, softening domestic demand and unsteady exports.

    The statement fell short of setting a target for 2015, which is usually made public in March, but said the authorities will be “reasonable” in setting such goals.

    The government set an annual economic growth target of about 7.5 per cent for 2014 in March during the parliamentary sessions.

    “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,” said the statement.

    The leaders also vowed to accelerate reforms, further open up the economy and encourage innovation.

    At the three-day conclave in Beijing, leaders of China’s ruling Communist Party vowed to accelerate reforms in nine areas next year including the capital market, market access for private banks, administrative approval, investment, pricing, monopolies, franchising, government purchased services, and outbound investment.

    China’s consumer prices grew by their slowest pace in five years in November, which may result in more easing measures by the policymakers, official data showed on Wednesday.

     

    TBP and Agencies

     

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