China se compromete a cambio de modelo de crecimiento en 2011

China's leaders pledged to change the pattern of growth of the nation in 2011 and also focus on stabilizing prices after an annual meeting in Beijing to establish guidelines for economic policy.

State radio reported on the outcome of the so-called Central Economic Work Conference, attended by President Hu Jintao and Premier Wen Jiabao. The initial accounts did not give any specific goals for growth, inflation or borrowing. The government reiterated its intention to keep the currency stable, Xinhua New Agency said.

China is trying to move from dependence on industry investment and exports to strengthen private consumption and service industries, a move that could also help the global economy. The nation is tightening monetary policy to cool inflation that accelerated to 5.1 percent in November, the fastest pace in 28 months.

"The main concern for next year government will be to contain inflation, stabilizing growth and stimulate consumption," said Lu Zhengwei, an economist with Shanghai-based Industrial Bank Co., before today's announcement.

The conference, said the nation will hold a "prudent" monetary policy and "proactive" fiscal policy, state radio reported, reiterating a statement of the Political Bureau on 3 December. Wen outlined the economic work next year and presented the goals and macro-economic policies, according to the radio report.

Inflation expectations

The country will seek to balance economic growth with stable and relatively fast adjustment of economic structure and management of inflation expectations, the report said.

Central and provincial government officials, heads of state enterprises, economists and academics attending the working conference, which develops policy guidelines for the following year.

"They should give priority to price stability in general," state radio quoted a statement as saying.

The nation's main economic tasks include strengthening macroeconomic controls, to ensure the supply of agricultural products, changing the pattern of growth, improving basic public services, and then "open" and promote global cooperation, as the report.

The government will steadily increase the area of land used for food production and prices of state for the purchase of food producers and agricultural production subsidies, China News.

China raised bank reserve requirements on December 10 as part of effort to overcome the liquidity and cool prices.