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The ruling Politburo of China's Communist Party has decided it will "maintain the continuity and stability of economic policies, and continue to implement the proactive fiscal policy and loose monetary policy," reports The Wall Street Journal, citing a statement carried by China Central Television, the state broadcaster.

The Politburo, comprised of the Communist Party's 25 most powerful officials, also says it will "focus more on improving the quality and efficiency of economic growth," and promised more policies to support consumer spending and support investment by private-sector companies, reports the newspaper.

According to the Journal, the Chinese government's broad rhetoric is likely intended more to reassure domestic businesses and financial markets than to provide a precise guide to how it will adjust economic policy in the coming year. The Journal says that over the past few months China has scaled back bank lending and reduced the boost to the economy from the government budget.

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