China holds key economy meeting

China's Central Economic Work Conference for 2013 opened in Beijing on Saturday.

The meeting is tasked with mapping out the Chinese government's major economic plans for 2013.

It'll also offer the first glimpse of the economic thinking behind the new leadership of the Communist Party of China.

PKG

During the meeting, the country's major economic plans for 2013 will be mapped out.

According to the Political Bureau of the CPC Central Committee, the country will prioritize the quality and efficiency of economic growth next year, rather than simply growth itself.

That means there will be further market reforms and efforts to boost growth driven by innovation.

China's economy expanded 7.4 percent year on year in the July-September period...slowing for a seventh consecutive quarter.

But, official data show factory output and retail sales are recovering in recent months.

Analysts predict China's economic growth rate in 2012 will beat the 7.5-percent target set early this year, and that inflation will be kept within 3 percent -- below the 4 percent target.

A market expert from Wallonia Foreign Trade & Investment Agency said Chinese economy becomes more competitive.

SOUNDBITE (ENGLISH) THOMAS RONSE, Wallonia Agency:

"I think if the Chinese economy becomes more competitive, of course they will increase competitiveness between EU countries in China. That is good for growth and might help European economy to recover. Especially if the gold policy continues, and they are Chinese investment in Europe."

The expert says Chinese economy should turn more to domestic demands.

SOUNDBITE (ENGLISH) THOMAS RONSE, Wallonia Agency:

"I think Chinese economy should also turn more to local demands, to Chinese market and Chinese demand not only investment, but also people's consumption."