China economic planners say policy to stay stable
Wednesday, December 14, 2011
SHANGHAI (AP) — China has ended an annual economic planning session with no major shifts in policy, as it maneuvers to keep growth stable while fighting inflation.
As expected, the annual economic work conference that ended Wednesday endorsed the ruling Communist Party’s call for a “prudent” monetary policy to counter inflation and “pro-active” fiscal policy to support growth.
The official Xinhua News Agency said a statement issued after the meeting ended also called for keeping the value of China’s currency, the yuan, “basically stable.”
China’s economy grew 9.1 percent in July-September but is expected to slow to below 9 percent growth in the coming year, as slowing demand at home compounds the impact from weakness in Europe and the United States.
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