December 14, China will seek stable and relatively fast economic growth next year amid the "extremely grim and complicated" global outlook, according to the annual central economic work conference that closed on Wednesday.

A statement released after the annual conference said the main theme of next year's economic and social development will be "making progress while maintaining stability".

Stability means to maintain basically steady macroeconomic policy, relatively fast economic growth, stable consumer prices and social stability, while to make progress requires transforming China's economic development model, deepening reform and improving people's lives, it said.

China will maintain its prudent monetary policy and proactive fiscal policy in 2012, the statement said.

With slowing global economic growth and international financial markets in trouble, the world's economic recovery is expected to remain unstable and uncertain, the statement said.

On the subject of the property market, China will unswervingly maintain its regulation policies next year to make housing prices return to a reasonable level, according to the statement.

The country will accelerate the construction of ordinary commercial residential housing to increase effective supply and promote the healthy development of the property market, the statement said.

The exchange rate of the Chinese currency, the renminbi, would be kept "basically stable" next year, said the statement said.

The country will also push forward with market-oriented reform of its interest rate and the formation mechanism of the renminbi's exchange rate, according to the statement.

Source:21cbh.com