China to focus on quality, efficient growth in 2013

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.