China Vows Stable Growth in Face of Global Turmoil

The four-day meeting of the Party’s Central Committee was aimed to thrash out policies in an effort to tackle economic instabilities. Reuters reports:

“The most important thing is to handle our country’s own affairs well,” according to a communique issued after the meeting by the official Xinhua news agency.

The government would “maintain economic stability, financial stability, and stability of the capital markets … continuing to encourage economic and social development that is both healthy and rapid,” the communique said.

The meeting approved a raft of measures, including land reforms, intended to boost the incomes and farmers of China’s 750-million strong farming population.

The Telegraph also reports:

For hardliners among the 204 members of the party’s ruling Central Committee, the trauma western financial institutions are experiencing is proof both of the superiority of China’s economic policies and its political system.

Two weeks ago, an editorial in the People’s Daily newspaper, the mouthpiece of the party, attacked western-style , while lauding the Chinese one-party system and its tight control over the economy.

“The advantages are increasingly evident. Western countries are mired in low growth and the United States severe financial crisis is a manifestation of the dead end of liberalism and the destruction of the myth of American institutions,” said the editorial.

Xinhua reports that China sets the goal to “double income of rural residents in 12 years.”

Also see a story on Javno, “China Approves Rural Reforms To Boost Economy.”

Photo: Hexun

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