China’s 18th party congress wrapped up last month and we were introduced to the most important policymakers in the world’s second largest economy.
Now top Chinese officials will get together for what is arguably the most important economic meeting of the year: China’s Central Economic Work Conference scheduled to take place mid-December, according to Global Times. The conference took place between December 12 – 14 last year.
The annual meeting sees policymakers assess the current state of the economy and draw on these discussions to set the tone for the next year’s macroeconomic policy.
At a time when the global economy is sputtering and China is still largely considered a growth driver, all eyes will be focused on the news coming out of this closed-door meeting.
It has previously been reported that China will likely set its growth target at 7.5 per cent for 2013. During the 18th party Congress Hu Jintao said that the nation will aim to double its 2010 GDP by 2020. That works out to about 7 per cent growth.
Moreover, earlier this year, the State Council said China should amend its policies to move away from monetary tightening measures that we’ve seen in the past three years.
Societe Generale’s Wei Yao points out that at the Politburo meeting, “the top leaders sounded more confidence in the growth momentum, reiterated to maintain prudent monetary policy, and emphasised the importance of the quality of growth as well as structural reforms”. She also expects the growth target to be maintained at 7.5 per cent for 2013.
With the Chinese economy showing green shoots the news trickling out of this meeting will give us a clearer picture of what lies ahead for China.
Note: This piece was edited to reflect that the economic meeting will take place in December and the quote from Goldman Sachs has been removed.