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BEIJING - CHINA has decided to adopt tight monetary policies next year, marking the first change in its stance in a decade, state media said on Wednesday.
Prudent monetary polices have been in place for the past 10 years, Xinhua news agency reported, suggesting a profound change in Beijing's economic policies.
The decision to change to 'tight monetary policies' was announced at the end of the three-day Central Economic Work Conference, which brought together top decision-makers from the Communist Party and government.
The meeting also concluded it would be a priority in 2008 to prevent overheating and curb inflation, while controlling the volume and pace of loans, according to Xinhua.
'China will strictly control the volume and... pace of loans, so as to better regulate domestic demand and balance international payments,' Xinhua said.
China's economy is expected to expand 11.5 per cent this year, fuelled mainly by investment spending, according to Xinhua.
It will be the fifth consecutive year of double-digit growth.
In 2008, too, the economy is likely to experience double-digit growth, according to the Chinese Academy of Social Sciences, the nation's top think tank.
'The theme of 2008 is preventing overheating and inflation. Issues related to prices are most crucial for now,' said Wang Tao, a Beijing-based economist with Bank of America.
Decisions made by the economic work conference set the outer limits of policies available to China's huge bureaucracy in the year ahead.
Detailed measures are likely to emerge later. -- AFP
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