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Meeting sets economic goals
China's top leadership on Tuesday lifted the curtain on the annual Central Economic Work Conference that reviews the country's economic work in 2013 while setting the tone for next year's economic policies.

While downplaying the need to be overly keen on the 2014 GDP growth target to be agreed at the conference, economists noted the conference comes a month after reform pledges made at the Third Plenum of the Communist Party of China (CPC) Central Committee and therefore will certainly focus on rebalancing the economy and advancing reform.

China opens key economic meeting to plan for 2014
This year's meeting comes about one month after the the Communist Party of China Central Committee unveiled a landmark plan to comprehensively deepen reforms.

About 2013 Conference

Comments

Guo Tianyong, finance professor at the Central University of Finance and Economics
The coming year will be very significant as the government will start to implement decisions concerning the “comprehensive deepening reforms” agreed upon during the Third Plenary Session of the 18th Communist Party of China Central Commission. The State Council will not throw another 4 trillion yuan stimulation package into the market as in 2008, but investment in urbanization, civil services and high technologies will continue to increase in order to help the transformation. As a result, the government is very likely to adopt positive financial policies next year.

Liu Yuanchun, assistant dean of the School of Economics at Renmin University of China
“Making progress while maintaining stability” in economic development carries a different connotation this year. Previously, “progress” meant promoting the quality of economic growth. But as decided at this year’s plenum, progress will now mean moving from small-scale to comprehensive reforms.

Li Ping, head of Institute of Quantitative and Technical Economics at the Chinese Academy of Social Sciences
The smog that has lingered in northern China since January has warned us that economic development at the cost of the environment is unsustainable.

Chang Jian, China economist at Barclays Capital in Hong Kong
Market watchers generally expressed their confidence in the economy being able to achieve this year's growth target and estimated the government may maintain its 7.5 percent growth target for next year.

Li Wei, China economist at Standard Chartered Bank in Shanghai
A lowered growth goal, which could stabilize the employment market, would actually envision a scenario befitting longer-term reforms, albeit at the cost of short-term growth.

Taiwan-based Economic Daily News
This year’s Central Economic Work Conference will mark government’s changing role in economic management. The decision that “resource allocation has a determinative role in the market” illustrates how this year’s plenum placed less focus on “setting economic targets” as in previous years.  

Yonhap News Agency
The tone set in by the meeting of the Political Bureau on December 3 revealed China will increasingly focus on restructuring its economy, phase out government intervention in the marketplace and expand domestic demand rather than resorting to large-scale economic stimulation packages.

Previous Conferences

2011 Central Economic Work Conference (December 12 to 14)
Basic tone: to make progress while maintaining stability. Major tasks: China vows to enhance and improve macroeconomic regulations to maintain steady and relatively fast economic growth; boost farm produce supplies through the development of agriculture; accelerate economic restructuring to make economic development more self-initiated and coordinated; deepen reforms in key areas and open up to the world; improve people's living standards and innovate the social management mechanism.
2010 Central Economic Work Conference (December 10 to 12)
Basic tone: to ensure stable and relatively fast economic development while maintaining social stability. Major tasks: China plans to enhance and improve macroeconomic regulations to maintain steady and healthy economic growth; boost farm produce supplies through the development of modern agriculture; accelerate strategic transformation to make economic growth more coordinated and competitive; improve basic public services and innovate the social management mechanism; intensify reforms to promote a shift in the economic growth mode and maintain a mutually beneficial opening-up strategy to broaden international economic cooperation.
2009 Central Economic Work Conference (December 5 to 7)
Basic tone: to promote the transformation of the country's economic development pattern while maintaining stable and comparatively fast economic growth. Major tasks: China vows to improve macroeconomic regulations in 2010 to ensure stable and relatively fast economic growth and advance structural economic adjustments; lift the quality and efficiency of economic growth; boost rural development; deepen reform and opening up; enhance the momentum and vigor of economic growth; promote a stable increase in exports; improve people's living standards and maintain social stability.
2008 Central Economic Work Conference (December 8 to 10)
Basic tone: to maintain stable and relatively fast economic growth. Major tasks: China plans to enhance and improve macroeconomic regulations and implement a proactive fiscal policy and moderately eased monetary policy in 2009. It vows to step up efforts to increase farmers' incomes and strengthen the development momentum of the agriculture industry and rural economy; speed up the transformation of China's economic development pattern and structural adjustments; deepen reform and opening up and maintain social stability.
2007 Central Economic Work Conference (December 3 to 5)
Basic tone: to prevent economic overheating and inflation. Major tasks: China pledges to improve macroeconomic policies to maintain stable and relatively fast economic growth; enhance the development of agriculture and the rural economy; promote innovation and optimization of the industrial structure; push forward emission reduction and improve people's living standards. (Source: Xinhua)

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