Chinese authorities yesterday vowed to focus on quality and efficiency of economic growth in 2013, highlighting their resolve to usher in sustainable and healthy economic development after the previous pursuit of fast-track growth. According to a statement following the closure of central economic work conference, which set the tone for economic policymaking next year, "enhancing quality and efficiency of economic growth" would be a "central task." The two-day conference served to point to what could be expected of the economic policies eyed by the new top leaders of the Communist Party of China, who decided to maintain a proactive fiscal policy coupled with a prudent monetary policy in 2013 as they expected global economy to maintain a low growth. "The global economy has entered a period of profound transition and correction from a period of fast growth in the pre-crisis years," the statement said, warning of increasing protectionism. Easing measures included the latest round of quantitative easing in the US as also the monetary easing in other economies, that had again pushed up global inflationary pressure. Xinhua quoted Yao Jingyuan, a researcher from the Councilor's Office of the State Council, or China's cabinet, as saying that the most prominent problem with the Chinese economy was no longer growth rate but its quality and efficiency, which would remain unsteady and unsustainable if the issues were not solved. China's new leaders made a solemn commitment to reform in the conference's communique - especially their readiness to show "even greater political courage and wisdom" to push ahead with reform, open new fronts and fulfill new tasks. The conference outlined the general direction which would be followed in the year ahead. The detailed policies would not evolve until they are passed by the annual session of the National People's Congress in March. However, what was obvious was that the new leaders did not want to keep the public waiting for a much-needed sense of certainty and direction. In fact, a clear message had already gone during party chief Xi Jinping's recent inspection trip to Guadong, that the leadership would press ahead with reform. The city had seen many pilot projects in the early years of reform and opening up most noticeably the special economic zone of Shenzhen. Shenzen has transformed itself from an impoverished fishing village into a city with a population of 12 million, and is a place that evokes the memory of China's first generation of reform leaders as also the risks they took to liberate the country from the shackles of an old economic system that did not work. Source: Domain-B
