New Chinese leaders pledge reforms to boost economy
New Communist Party leaders in China have vowed to bring in more policy reforms aimed at reducing reliance on exports and more spending if needed to prop up a shaky economic recovery.
In the first statement of their economic goals since taking power in November, the new party leaders pledged continuity on long-term plans aimed at nurturing self-sustaining growth and raising incomes.
According to the Daily Express, they promised to support domestic consumption, the growth of small businesses that generate jobs and more migration by rural residents into expanding cities to find better-paid jobs.
The new party general secretary, Xi Jinping, and other leaders are under pressure to overhaul an economic model based on exports and investment that delivered three decades of rapid growth but is running out of steam, the report said.
In the shorter term, they also need to keep a recovery from China's deepest economic downturn since the 2008 global crisis on track, it added.
Chinese leaders promised a 'proactive fiscal policy' and 'prudent monetary policy' in a statement distributed by the official Xinhua News Agency at the end of a two-day annual planning meeting.
That refers to willingness to boost government spending if needed and to keep credit easy so long as inflation stays low, the report said.