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China top leadership pledges more targeted policies to support growth

2015/7/31 16:41:03   source:Xinhua

  Textile products being made for export at a company in Suzhou, Jiangsu province. A recent surveypredicts that manufacturing activity in July may contract the most in 15 months, driven by risingindustrial deflation and dropping commodity prices. [Si Wei / for China Daily]

  BEIJING - China's top leadership on Thursday pledged targeted policies to combat the "relativelybig" downward pressure on the economy.

  "China will continue to keep the continuity and stability of macro-policies... to maintain economicoperations within a reasonable range," said a statement released after a meeting of the PoliticalBureau of the Communist Party of the China Central Committee, which was chaired by PresidentXi Jinping.

  The meeting called for heightened attention to combat downward pressure, prevent and dissolvesystematic risks.

  China's economic growth was in line with expectations in the first half of the year, but theeconomy must still find new growth momentum as traditional drivers weaken, the meetingstatement noted.

  China's growth held steady at 7 percent in the first half of the year, with nascent signs of recoveryfuelling hopes of growth picking up in the latter half of the year.

  While pushing ahead with economic restructuring, authorities need to be more prepared and actquickly to control risks, said the statement.

  China will maintain its proactive fiscal policy by continuing to expand public spending, reducecompanies' burdens and encourage private investment, while keeping its prudent monetarypolicy elastic, according to the statement.

  It pledged to take "effective measures" to nurture the steady growth of consumption, investmentand exports, key engines driving the country's economic expansion.

  Promoting reforms will be crucial to restructuring the country's economy, it said, putting the focuson State-owned enterprises, taxation, as well as finance industries.

  With the economy in search of new sources of growth, wild swings in the stock market andlooming uncertainties outside the country, Chinese policymakers have been struggling to balancegrowth with reforms.

  At a symposium held with non-Party figures last week, President Xi said China's economy isfunctioning well in general, with some problems remaining that require the wisdom of all and solidefforts.

  In a positive sign, China's industrial output climbed by 6.8 percent from a year ago for a thirdstraight month of increases in June. Property investment, the old pillar of investment and growth,is also expected to recover in the second half, with house sales warming up. Fewer cities sawnew home prices drop for the fourth consecutive month in June.

  The pressure on home prices will continue to ease gradually through 2015, global rating agencyMoody's said in a research note.

  This being said, Zhu Haibin, chief economist of JP Morgan China, expects the recovery to besustained in the third quarter.

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