China must reach economic targets, leaders say, as high-profile conference draws to a close

China’s leaders pledged on Thursday to increase the fiscal deficit ratio and raise the issuance of treasury bonds as part of efforts to boost domestic demand, according to a statement issued after the central economic work conference – a high-profile agenda-setting meeting held annually in Beijing.

The world’s second-largest economy must complete the tasks set out for 2021 to 2025 in a “high-quality” way, state broadcaster CCTV reported, citing the document released following the closed-door conference’s conclusion.

“For the next year, China needs to keep steady economic growth, maintain the overall stability of job and price levels, as well as safeguard the basic balance of international payments,” the CCTV report said.

Authorities should cut interest rates and the reserve requirement ratio in a timely manner, it added.

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