Dec 13, 2012
Translated by Zhu Na

The Central Economic Work Conference is expected to be held from Dec 15 to 16, the West China Metropolis Daily reported yesterday.

The annual meeting of high-level leaders from across the country helps set the direction and policy guidelines for economic policy for the coming year.

The newspaper report also said that most policy analysts believed that in view of current domestic and international environment, the GDP growth target for next year will once again be set at 7.5 percent next year.

According to the report, the orientation of macroeconomic policy will focus on improving the quality and efficiency of economic growth, while at the same time maintaining a steady pace of growth. Next year China’s macroeconomic policy is likely to continue the general trend of proactive fiscal policies and prudent monetary policies, but there will be difference when it comes to specific policies.

The report also quotes policy analysts as saying that the fiscal deficit for next year will increase and that there will be more room for structural tax reduction. These analysts also say that it's no longer necessary to continue to relax monetary policy and that policy makers will take a more flexible approach according to macroeconomic conditions.

An economist close to a decision-making department revealed that at the meeting, there won’t be too much change in terms of macroeconomic policy, but at a microeconomic level, there will be a greater focus on urbanization.

The economist also said, "new urbanization" will become China's economic engine in the future, providing medium-and-long-term drivers for economic growth.

After the Central Economic Work Conference is held, a new generation of senior finance officials that will be appointed to the central government departments. It is expected that a new head of the central bank, the Ministry of Finance, the Ministry of Commerce, the National Development and Reform Commission and some departments will be announced soon.

Links and Sources
West China Metropolis Daily: 中央經濟工作會議或本周末召開 高層將人事調整