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China to prioritize economic stability in 2017

CCTV.com

12-15-2016 05:09 BJT

Full coverage: 2016 Central Economic Work Conference

As 2016 winds down, China’s top leaders are mapping out economic plans for next year. Key figures have been released before the Central Economic Work Conference, which will be held later this month.

The world’s second largest economy expanded at a steady 6.7 percent in the first three quarters this year. And for next year, China will be seeking more positive changes while holding its ground.

Priorities will be placed on five major tasks. One will be further reducing excessive industrial capacity. In 2016, the central government has cut steel capacity by 45 million tons, and coal capacity by 250 million tons.

The most immediate effect was on commodity and material prices. China’s Producer Price Index reached 3.3 percent in November, a level not seen in five years. The index was minus 5.9 percent in January.

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