China’s leaders will keep growth on track next year by applying a prudent monetary stance with a balance between loosening and tightening, according to a statement from a key economic meeting that ended yesterday.
While China faces challenges to arrest a slowdown, growth is showing resilience and potential, giving the government plenty of room to maneuver, the official Xinhua News Agency said in a summary of the policy-setting Central Economic Work Conference yesterday. As in past years, Xinhua didn’t announce detailed growth targets for next year.
The Xinhua statement emphasized that China’s economy is adjusting to a “new normal” of slower growth — a phrase President Xi Jinping has used several times recently that reflects the leadership’s push to wean the economy from its dependence on infrastructure investment and exports. The government cut interest rates in November as China heads for its slowest annual expansion since 1990.