China plans quality growth, anti-graft drive in 2015

BEIJING - China will focus on improving economic quality in 2015 and adapt itself to slower growth against global economic headwinds, top policy makers agreed on Thursday.

Economic growth should remain within the desired range and restructuring of the economy will be at the center of policy decisions, according to a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee chaired by President Xi Jinping.

The meeting also said China should push forward reform, encourage, and mass innovation and provided better public services.

Growth slowed to a 24-year low of 7.4 percent in 2014. Macro economic policy needs to be improved, fiscal policy maintained and monetary policy must remain frugal. Fine-tuning and targeted regulatory measures will be used more frequently, the meeting said.

Reform of investment, fund-raising, pricing, taxation and finance should be pushed forward. Domestic consumption and effective investment should increase, along with the modernization of agriculture and urbanization.

The meeting discussed the government work report for the previous year that is due to be presented to the National People's Congress during the annual "Two Session" in March.

It also examined a report on the national discipline inspections, saying that the Party should be aware of the grim and complicated graft situation and combat corruption with the most determined attitude and decisive measures.