BEIJING- China vowed on Wednesday to earnestly implement a "prudent" monetary policy in a bid to set the economy on the right track as uncertainties abound both at home and abroad.

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To realize this year's economic and social development goals, China needs to properly coordinate the relationship between monetary supply and structure overhaul as well as checking inflation and advancing economic growth, according to a statement released after the executive meeting of the State Council, presided over by Premier Wen Jiabao.