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China to maintain prudent monetary policy in 2013

  • China's newly appointed leader Xi Jinping attends a meeting with a panel of foreign experts at the Great Hall of the People in Beijing in this December 5, 2012 file photo. REUTERS/Ed Jones/Files

BEIJING: China will maintain a proactive fiscal policy and a prudent monetary policy in 2013, according to a statement issued after an annual economic planning meeting wrapped up Sunday.

The statement suggests China will be willing to spend money to stimulate the economy and keep interest rates low and credit available as long as inflation does not rebound.

China will fully deepen reforms in its economic system and firmly promote opening-up next year, and continue its control policies on the property market, according to the statement carried by the official Xinhua News Agency.

China's economic growth has been slowing, falling last quarter to a three-and-a-half-year low of 7.4 percent as leaders pursued a policy of targeted stimulus. The government has aimed to keep a lid on any economic overheating and sharp price rises, such as those that followed its huge stimulus in response to the 2008 global financial crisis.

The two-day conference in Beijing was the first big economic policy-setting meeting since a new leadership was named in October.

 
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