China says it will focus on stability in 2022, keep growth in reasonable range

China will continue to implement a prudent monetary policy and continue to implement a proactive fiscal policy. PHOTO: AFP

BEIJING (REUTERS) - China will focus on stabilising the economy and keep growth within a reasonable range in 2022, the official Xinhua news agency said on Friday (Dec 10), after a meeting of top leaders ended.

China will continue to implement a prudent monetary policy and a proactive fiscal policy, according to a statement issued after the annual Central Economic Work Conference, held from Dec 8 to 10, cited by Xinhua.

"Next year's economic work should prioritise stability and all regions and departments should shoulder the responsibility of stabilising the macro economy," Xinhua quoted the statement as saying, adding that China will appropriately bring forward policies conducive to economic stability next year.

"We must see that China's economic development is facing the triple pressure of shrinking demand, supply shock and weakening expectations," Xinhua said, citing the meeting.

The world's second-largest economy faces multiple headwinds heading into 2022, due to a property downturn and strict Covid-19 curbs that have impeded consumption.

China will implement new tax and fee cuts and appropriately front-load infrastructure investment next year, it said.

The meeting called for coordinated fiscal and monetary policies and combined cross-cyclical and counter-cyclical policy adjustments, and implementation of a strategy of expanding domestic demand, Xinhua said.

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