(Xinhua)
Updated: 2007-12-05 17:39

China's 2007 Central Economic Work Conference closed in Beijing Wednesday, shifting the nation's monetary policies for 2008 from prudent to tight while maintaining prudent fiscal policy.

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Prudent monetary polices have been in place for a decade.

Monetary policy should play greater role in the macro-control policy, said the conference, noting that China will strictly control the volume and granting pace of loans, so as to better regulate domestic demand and balance international payments.

The conference said with prudent fiscal policy and tight monetary policy, China would take "two prevents" as its premier macro-control task in the coming year: to prevent economic growth evolving from rapid to overheating, and prevent price hike shifting from a structural one to evident inflation.

President Hu Jintao and Premier Wen Jiabao both delivered speeches at the conference from Monday to Wednesday.