15 Dec 2011

Growth pledged next year by China

9:02 am on 15 December 2011

China has pledged to guarantee growth in 2012, despite an extremely grim global outlook for the year ahead.

After an annual session of the Central Economic Work conference in Beijing, the country's leaders declared that monetary policy would remain prudent.

They said the currency, the yuan, will remain basically stable.

The CEW conference comprises central and provincial bureaucrats, the heads of the biggest state companies and the army's top generals. They reiterated their commitment to boost imports in order to balance trade.

China's growth has slowed for three quarters in a row and the BBC reports that some economists predict it could fall below 9% next year, for the first time since 2001.

But inflation is down from a three-year high in July of 6.5% to 4.2% last month.

Analysts say the meeting avoided big policy changes before China's top two leaders retire next year.