China to shift to prudent monetary policy next year
BEIJING - China will shift its monetary policy stance from relatively loose to prudent next year, the Political Bureau of the Communist Party of China (CPC) Central Committee decided Friday.To accelerate the transformation of the economic development pattern should be the main focus of next year's work, and macro-regulation should be "more targeted, flexible and effective," according to a communique issued by the committee.
China will continue its proactive fiscal policy, it said.
China has faced complicated social and economic conditions since early this year. Thanks to the stimulus package and efforts to speed up economic restructuring, China has maintained relatively fast economic growth, it said.
"The momentum of economic and social development has been consolidated," it said.
"The conditions in China provide a sound base for stable and fast growth next year, but the country will face many difficulties and challenges," it noted.
The meeting called for heightened awareness of risks, as well as more efforts to consolidate success in the fight against the financial crisis, keep steady and relatively fast economic growth and promote social harmony and stability.
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