Quality of growth has been given more emphasis than ever by the central leadership as it mapped out economic guidelines for next year.

The aim is to maintain stable yet rapid economic growth and avoid any big swings in the economy, said a document summing up the deliberations of the three-day Central Economic Work Conference that closed yesterday in Beijing.

No specific growth targets were set for next year.

For the first time, a better balance in international payments was set as a major goal as leaders pledged to redouble efforts to vigorously expand imports and overseas investment while maintaining rational export growth and use of foreign capital.

The conference is the most important economic forum, held towards the end of each year, to map out development priorities for the next year.

Both President Hu Jintao and Premier Wen Jiabao delivered speeches at the meeting, which was attended by all top officials of the central government.

China's trade surplus reached US$133.62 billion in the first 10 months this year, exceeding the US$101.9 billion for the whole of last year.

Having attracted more foreign investment than any other developing country for the 15th consecutive year, China is estimated to hold about US$1 trillion in foreign exchange reserves.

The growing trade surplus has led to frequent trade friction, while the large international payments surplus has increased the pressure for appreciation of the Chinese currency.

Experts say too much foreign exchange has forced the central bank to issue more renminbi, causing excessive liquidity in domestic financial markets.

1

2

(For more biz stories, please visit Industry Updates)