China leaders lay out plan to boost growth in 2012

Chinese policymakers will focus on boosting domestic demand in 2012 to counter the effects of the slowing global economy, top leaders said in a statement Wednesday following the 2012 economic work conference, an annual gathering in which top leaders set economic policy for the coming year, The Wall Street Journal reported. Risks “have clearly risen,” the memo said. “Over the past year, world economic growth has slowed, growth of international trade has moderated, there has been severe international financial volatility.” In response, Chinese policymakers plan to focus on increasing the “inclusiveness” of economic development in the upcoming year by liberalizing interest rates and introducing structural reforms to taxes, including business-income, value-added and property taxes. Leaders also pledged to keep credit growth at reasonable levels and continue funding railway development.