Proactive fiscal policy to be key economic priority

Implementing a proactive fiscal policy will be one of the top six tasks for the central government in its 2020 economic agenda, experts said.

The thrust of the fiscal policy, however, should not be confined to supporting economic growth through investments, but instead focus on boosting the overall quality and efficiency, guaranteeing salary payments, ensuring administrative operations in local government departments and boost people's livelihoods, said the experts while sharing their insights on the recently concluded annual Economic Work Conference.

The basic tone of next year's policies would be to maintain stability, meaning the key economic indicators including GDP growth, employment rate, inflation and other indexes "need to avoid big ups and downs", said Liu Wei, president of Renmin University of China and a member of the central bank's monetary policy committee.

China's policies to counter an economic slowdown have already started taking effect, as seen in the average 9.4 percent annual GDP growth during the past four decades with very moderate volatility, Liu said at a forum held by the National School of Development of Peking University on Saturday.