【华尔街日报12.15】Leaders in Beijing Pledge to Ramp Up Spending

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Leaders in Beijing Pledge to Ramp Up Spending
http://online.wsj.com/article/SB10001424052970204026804577097940151922650.html

By AARON BACK            
BEIJING—Chinese leaders pledged to step up spending to maintain growth and social stability amid rising global risks.
               
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Chinese leaders are pledging to seek stable and more balanced growth while fighting inflation, ending a top-level economic planning session without major shifts in policy. Above, a vegetable vender arranges her merchandise at a street stall in Shanghai Wednesday.

            


The statement on Wednesday comes as Chinese authorities have shifted their focus away from controlling inflation—their top priority over the past year—and toward insulating China from Europe's economic troubles, which have already hurt Chinese export growth.
China will focus on expanding domestic demand to counter a slowing global economy, the government said in a statement released after a meeting of the central economic work conference, an annual gathering of top policy makers and political leaders during which economic policy is planned for the coming year.
"This memo is definitely more pro-growth than the one issued a year ago," Bank of America Merrill Lynch economist Lu Ting said in a note to clients.
"We believe that compared with 2011, fiscal policy in 2012 will be more proactive and monetary policy will be eased on the margin," he wrote.
China's leaders said in the statement that global economic risks "have clearly risen."
"Over the past year, world economic growth has slowed, growth of international trade has moderated, there has been severe international financial volatility," the statement said.
The global economic environment will remain "extremely severe and complicated" next year, and in response, Chinese policy makers will boost domestic demand and social spending that will increase the "inclusiveness" of economic development, the statement said.
"The focus on expanding domestic demand should be more on protecting and improving people's livelihoods," it said.
                          
         

Financial adviser Yin Long says her Chinese heritage has helped grow her business and tap into a profitable market. She gives tips to advisers looking to reach Chinese-Americans.

                           

China will keep credit growth at reasonable levels and ensure sufficient funding for railway development, it said. China's railway buildout has been tripped up by a deadly high-speed train accident in July and allegations of corruption within the Railway Ministry, drying up funding for some projects.
Also Wednesday, the People's Bank of China released data showing that lending fell slightly in November compared with October but remained elevated. Chinese financial institutions issued 562.2 billion yuan ($88.24 billion) of new yuan loans in November, the central bank said, down from 586.8 billion yuan in October but above economists' median forecast of 555 billion yuan.
Lending in both October and November was higher than the monthly average in the third quarter, which saw new yuan loans average around 500 billion yuan a month. This shows authorities have been encouraging lending as credit growth typically falls toward the end of the year, analysts said.
UBS economist Wang Tao said she expects full-year bank lending to be around 7.4 trillion yuan, in line with a 7 trillion yuan to 7.5 trillion yuan unofficial target that analysts believe the central bank has set. For next year, the new yuan loans will be around 8 trillion yuan, Ms. Wang added.
China next year will also push forward with structural tax cuts, reform of business-income taxes and value-added taxes, and experimental property-tax reforms, the statement from Chinese leaders said, without elaborating.
The statement repeated language on the yuan that has been used for years, saying it will keep the exchange rate basically stable while continuing exchange-rate reform.
The country will also deepen market-oriented interest-rate reform, it said, without giving a specific timeline for the long-awaited liberalization of interest rates.



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