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China leaders meet to chart course for 2010: state media

world Updated: Dec 06, 2009 15:42 IST

AFP
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China's top leaders met in Beijing over the weekend for the Central Economic Work Conference that will determine how to strengthen the Asian giant's economic recovery in 2010, state media reported.

The closed door meetings began on Saturday and China's leaders were expected to discuss how they plan to continue their economic stimulus policies and moderately easy monetary policy next year, the China News Agency reported.

The reports did not give details of the agenda for the meeting or specify when it would conclude. The conference went on for three days last year.

The annual Central Economic Work Conference is the most important economic policy making event of the year, usually involving key figures such as President Hu Jintao and Premier Wen Jiabao.

The conference was expected to focus on how long to continue the fiscal and monetary policies and the economic stimulus package that aims to help China achieve full economic recovery, the state-run China Daily said.

China unveiled an unprecedented four-trillion-yuan (586 billion dollars) stimulus package a year ago at the height of the global crisis.

The leadership agreed last month that next year they would "implement, enrich and improve" the package.

China's economy could grow by more than 10 percent in the fourth quarter spurred by massive investment and rising consumption, Yu Bin, a top economist at the cabinet's State Council Developmental Research Centre said last month.

The World Bank upgraded its 2009 growth forecast for China last month to 8.4 percent on the back of huge public spending but said stronger domestic demand was needed to ensure a sustainable recovery.

China grew by 8.9 percent in the third quarter -- the fastest pace in a year -- after expanding by 7.9 percent in the second quarter and 6.1 percent in the first three months, the slowest pace in more than a decade.