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China signals more reforms in 2014
December 13, 2013, 5:22 pm

The closed-door meeting on Friday was chaired by Chinese President Xi Jinping [Getty Images]

The closed-door meeting on Friday was chaired by Chinese President Xi Jinping [Getty Images]

China will continue to implement its proactive fiscal and prudent monetary policies in 2014, according to a statement issued Friday after the closure of a four-day central economic work conference.

“We will maintain stability and continuity in macro-economic policies. We will maintain appropriate growth in gross domestic product,” it said.

China will push forward interest rate liberalization and exchange rate reforms next year, the statement said.

The closed-door meeting on Friday was chaired by Chinese President Xi Jinping.

China has kept a proactive fiscal policy since late 2008, when the country unveiled a 4-trillion-yuan ($654.7 billion) stimulus package to counter the impact of the global financial crisis.

The second largest economy in the world has set a growth target of 7.5% this year.

“The government will further adjust the structure of expenditures, practise strict economy, improve the fund use efficiency, improve structural tax cuts policies and expand the trials for replacing turnover tax with a value-added levy to more sectors,” said the statement on Friday.

The country will “keep a reasonable growth of monetary credit and social fund-raising scale, optimize the fund-raising and credit structure and increase the proportion of direct financing,” it said.

All policies will be closely tied to deepening reform in all fields, it added.

The country should “make efforts to free up demand, give full play to the fundamental role of consumption, the pivotal role of investment and the supporting role of exports,” said the statement.

 

Source: Agencies

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