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China will work toward bolstering global economic growth in 2013, President
Hu Jintao said in a New Year’s Eve address, amid optimism that a recovery
in the world’s second-biggest economy is gaining traction.
The nation will “step up efforts to promote strong, sustainable and
balanced growth in the world economy,” Hu said in the speech broadcast by
state radio and television. China achieved stable economic development in
2012 and will seek to do the same this year while making restructuring of
its growth model a focus, he said.
Hu’s last New Year’s Eve address before he steps down as president in
March signaled Chinese leaders’ confidence the economy may be rebounding
after a seven-quarter slowdown. A recovery may facilitate the transfer of
power to Xi Jinping, appointed head of the Communist Party in November and
set to become president, as authorities seek to assuage discount sparked by
corruption and a widening income gap.
The Chinese people are now uniting around the leadership of Xi to work
toward building a “well-off society,” Hu said.
China’s new Communist Party leaders have pledged to abandon extravagance,
cut down on lavish receptions and live more frugally, amid a broader push to
stamp out corruption and win back people’s trust.
Hu’s speech didn’t indicate how China, set to complete its once-a-decade
leadership transition in March, plans to manage an economy that’s estimated
to expand 8.1 percent this year.
Monetary Policy
People’s Bank of China Governor Zhou Xiaochuan, in a separate New Year’s
Eve statement posted on the central bank’s website, said the nation will
maintain “prudent” monetary policy and deepen financial reforms in 2013.
Policy makers will seek to effectively prevent financial risks and keep
prices basically stable, he said.
In another statement on the PBOC website, Zhou said the nation’s management
of its foreign exchange reserves had seen stable growth in returns during
the “past few years.” The global economic situation will remain “
complicated” in 2013 and China’s management of its reserves will face “
relatively large” challenges, he said.
China’s foreign exchange reserves increased to $3.29 trillion at the end of
September from $3.18 trillion at the end of 2011, according to central bank
data.
The Shanghai Composite Index (SHCOMP) has rebounded 15 percent since
reaching an almost four-year low on Dec. 3 amid optimism China’s economic
growth will recover. It gained 3.2 percent in 2012, its first annual advance
in three years.
Manufacturing Expands
China’s manufacturing expanded at the fastest pace in 19 months in December
, according to a statement from HSBC Holdings Plc and Markit Economics. The
final reading was 51.5, with a level above 50 indicating expansion.
In his speech, Hu also said China sought long-term prosperity in Hong Kong
and Macau and for the two so-called Special Administrative Regions to be
self-governing.
China will seek the peaceful resolution of regional and international
disputes, Hu said. Tensions between the nation and neighbors including Japan
, Vietnam and the Philippines have flared in the past year as a result of
disputes over control of islands in the East China Sea and the South China
Sea.
To contact Bloomberg News staff for this story: Nicholas Wadhams in Beijing
at n******[email protected]
To contact the editor responsible for this story: Peter Hirschberg at
p*********[email protected]
Hu Jintao said in a New Year’s Eve address, amid optimism that a recovery
in the world’s second-biggest economy is gaining traction.
The nation will “step up efforts to promote strong, sustainable and
balanced growth in the world economy,” Hu said in the speech broadcast by
state radio and television. China achieved stable economic development in
2012 and will seek to do the same this year while making restructuring of
its growth model a focus, he said.
Hu’s last New Year’s Eve address before he steps down as president in
March signaled Chinese leaders’ confidence the economy may be rebounding
after a seven-quarter slowdown. A recovery may facilitate the transfer of
power to Xi Jinping, appointed head of the Communist Party in November and
set to become president, as authorities seek to assuage discount sparked by
corruption and a widening income gap.
The Chinese people are now uniting around the leadership of Xi to work
toward building a “well-off society,” Hu said.
China’s new Communist Party leaders have pledged to abandon extravagance,
cut down on lavish receptions and live more frugally, amid a broader push to
stamp out corruption and win back people’s trust.
Hu’s speech didn’t indicate how China, set to complete its once-a-decade
leadership transition in March, plans to manage an economy that’s estimated
to expand 8.1 percent this year.
Monetary Policy
People’s Bank of China Governor Zhou Xiaochuan, in a separate New Year’s
Eve statement posted on the central bank’s website, said the nation will
maintain “prudent” monetary policy and deepen financial reforms in 2013.
Policy makers will seek to effectively prevent financial risks and keep
prices basically stable, he said.
In another statement on the PBOC website, Zhou said the nation’s management
of its foreign exchange reserves had seen stable growth in returns during
the “past few years.” The global economic situation will remain “
complicated” in 2013 and China’s management of its reserves will face “
relatively large” challenges, he said.
China’s foreign exchange reserves increased to $3.29 trillion at the end of
September from $3.18 trillion at the end of 2011, according to central bank
data.
The Shanghai Composite Index (SHCOMP) has rebounded 15 percent since
reaching an almost four-year low on Dec. 3 amid optimism China’s economic
growth will recover. It gained 3.2 percent in 2012, its first annual advance
in three years.
Manufacturing Expands
China’s manufacturing expanded at the fastest pace in 19 months in December
, according to a statement from HSBC Holdings Plc and Markit Economics. The
final reading was 51.5, with a level above 50 indicating expansion.
In his speech, Hu also said China sought long-term prosperity in Hong Kong
and Macau and for the two so-called Special Administrative Regions to be
self-governing.
China will seek the peaceful resolution of regional and international
disputes, Hu said. Tensions between the nation and neighbors including Japan
, Vietnam and the Philippines have flared in the past year as a result of
disputes over control of islands in the East China Sea and the South China
Sea.
To contact Bloomberg News staff for this story: Nicholas Wadhams in Beijing
at n******[email protected]
To contact the editor responsible for this story: Peter Hirschberg at
p*********[email protected]
