please refer to the important notice on inside back cover december 2004 china economics chen xingdong chief economist bnp paribas peregrine ltd beijing representative office xd bnpparibas com 86 10 6561 1118 isaac meng y susan qin h rural boost targeted in 2005 null macro economy is showing a moderating growth trend although pace of both fixed asset investment fai and inflation continues pose risks chinese communist party ccp held its central economic conference cec strengthen management emphasised prudent rather than pro active fiscal policy with bloated still focus consumption agriculture will be promoted government prioritising development rising incomes expected feed into reiterated stance that environment not yet ripe for transition more flexible renminbi exchange rate regime stability financial reforms sound plan reduced
