Party to promote higher demand, rural incomes

The Communist Party of China (CPC) said it has confidence in China’s economy and would work to promote domestic demand, AP reported. The statement, released at the end of a four-day Central Committee meeting, said China’s overall economic situation is good, and that the country should adopt "flexible and careful macro-economic policies … step up efforts to boost domestic demand, particularly domestic consumption and keep the economy, the financial sector and the capital market stable." The meetings, led by President Hu Jintao, also produced a goal of doubling the income of farmers within 12 years while modernizing the country’s agricultural system. The CPC was expected to discuss reforms that would allow farmers to exchange plots of land, or use plots as collateral for loans, but the official statement did not mention any such changes.