China will take steps next year to boost rural demand while trying to curb overcapacity in numerous industrial sectors, the government said yesterday at the end of its annual closed-door gathering to discuss economic policy.
Beijing promised to bolster rural demand by raising agricultural subsidies, increasing the minimum purchase prices for grain crops, investing more in infrastructure and improving public services to outlying areas.
The nation's leaders also vowed to maintain ultra-loose monetary and “proactive” fiscal policies, while improving the quality of economic growth through “structural adjustment” that will involve restrictions on industries deemed to be suffering from overcapacity. But the government warned it would maintain a balance between “fast and stable” economic growth and dealing with predicted inflation next year.
