The Central Committee of the Communist Party of China (CPC) and the State Council have just concluded their jointly held a two-day central economic working conference.

During the meeting, Hu Jintao, general secretary of the CPC Central Committee, delivered a speech on the major economic tasks to be met during the coming year and Premier Zhu Rongji unveiled an all-round plan on next year's economic work.

The conference was presided over by Vice-Premier Wen Jiabao. Also present were Li Lanqing, Wu Bangguo, Jia Qinglin, Zeng Qinghong, Huang Ju, Wu Guanzheng, Li Changchun and Luo Gan.

The conference emphasized adherence to the principle of expanding domestic demand and maintaining the proactive fiscal policy and stable monetary policy.

It called for efforts to promote a sustained, rapid and healthy economic growth by strengthening reforms, opening wider to the outside world, quickening industrial restructuring, accelerating the development of agriculture and the rural economy, and taking a new road to industrialization.

A certain number of national bonds will be issued next year, the conference heard. These should be used effectively to ensure the construction of key projects, improve the living standard of rural people and increase their income, and enhance the advancement of technology and improve techniques in enterprise.

Bonds will also help speed up economic development in the western and central regions and better the country's environment.

Economic restructuring is dependent upon scientific and technological advancement, but must abide by general economic rules.

Yet in the restructuring of industries, the foundational position agriculture holds should not be changed. Advantageous agricultural products should be developed and the quality of agricultural products should be ensured.

High technology should be developed, traditional industries should be upgraded, and importance should be attached to developing labour-intensive industries that can offer more job opportunities, it was agreed.

Development of the service sector should be accelerated so that the percentage it holds in the national economy can be raised.

Unremitting efforts should be made to strengthen and develop the publicly owned economy while encouraging, supporting and guiding the development of private business.

Next year, the reform of the management system of State-owned enterprises and State-owned assets along with reform of the economic system in China's rural areas will be intensified. Reforms in the financial system will be conducted at a steady pace, while reform of the administrative management system will be advanced.

Stringent measures will be adopted to combat illegal activities that lead to disorder in the market.

Foreign trade will continue to be highlighted and exports will be encouraged and expanded.

Government at every level should encourage people to either start their own businesses or secure employment through various means available.

The elimination of poverty is fundamental to the achievement of a Xiaokang society, one that is all-round well-off and will lead to prosperity, peace and stability.

(China Daily December 11, 2002)