China to fine-tune economic policies in 2013

China's top decision making body, the CPC Politburo, says the government will maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth.

At a politburo meeting on Tuesday, Secretary General of the Central Committee of the Communist Party of China, Xi Jinping, says the government will keep continuity and stability of macro-economy policies, prioritise making policies more targeted and effective.

The meeting also notes that China will increase efforts to expand domestic demand and foster new consumption growth areas. China will deepen economic reforms, such as allowing the market to play a more important role in setting prices of resource products and expanding value-added taxes.

The government will also maintain the stability of consumer prices, and further lower the cost of circulation. China's annual economic growth dipped to 7.4 percent in the third quarter, but the economy is on a recovery track thanks to a slew of pro-growth policies launched this year.