Investment overseas and imports a priority
(China Daily)Updated: 2006-12-08 08:53
Quality of growth has been given more emphasis than ever by the central
leadership as it mapped out economic guidelines for next year.
The aim is
to maintain stable yet rapid economic growth and avoid any big swings in the
economy, said a document summing up the deliberations of the three-day Central
Economic Work Conference that closed yesterday in Beijing.
No specific
growth targets were set for next year.
For the first time, a better
balance in international payments was set as a major goal as leaders pledged to
redouble efforts to vigorously expand imports and overseas investment while
maintaining rational export growth and use of foreign capital.
The
conference is the most important economic forum, held towards the end of each
year, to map out development priorities for the next year.
Both
President Hu Jintao and Premier Wen Jiabao delivered speeches at the meeting,
which was attended by all top officials of the central government.
China's trade surplus reached US$133.62 billion in the first 10 months this
year, exceeding the US$101.9 billion for the whole of last year.
Having
attracted more foreign investment than any other developing country for the 15th
consecutive year, China is estimated to hold about US$1 trillion in foreign
exchange reserves.
The growing trade surplus has led to frequent trade
friction, while the large international payments surplus has increased the
pressure for appreciation of the Chinese currency.
Experts say too much
foreign exchange has forced the central bank to issue more renminbi, causing
excessive liquidity in domestic financial markets.
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