China's economy 'will grow' despite 'grim' 2012 outlook

China's economy 'will grow' despite 'grim' 2012 outlook

China's economic policymakers have pledged to guarantee growth in 2012, despite an "extremely grim" global outlook for the year ahead.

After their annual closed-door economic meeting in Beijing, the country's leaders declared that monetary policy would remain "prudent".

They said the currency, the yuan, would remain "basically stable".

The meeting avoided big policy changes before China's top two leaders retire next year, analysts said.

In another announcement, China's Commerce Ministry said it would put a tax on imports of small US cars.

'Grim and complicated' The world's number two economy laid out its plans for the year against an uncertain economic outlook. Read More