Party leaders stress economic stability in 2nd half of the year
Print Edition
CHINA will continue “seeking progress while maintaining stability” for its economic work in the second half of the year, according to a meeting of the Politburo yesterday.
The meeting, presided over by President Xi Jinping, stressed that China will implement a proactive fiscal policy and prudent monetary policy with supply-side structural reform as the main theme.
Authorities will maintain the continuity and consistency of policies to ensure stable and healthy economic development, push forward supply-side structural reform and guard against systemic financial risks, a statement released after the meeting said.
The meeting affirmed China’s economic performance in the first half of this year, which has been running in a proper range with economic indicators that exceeded expectations and steady improvement in urban employment.
For the second half of the year, leaders at the meeting called for better handling of the relationship between stability and progress, as well as the balance, timing and intensity of the country’s economic work.
The meeting pledged measures to push for progress on excess capacity cuts, inventory reduction, deleveraging, relieving corporate burdens and fixing weak links.
It also said there would be more efforts to deal with “zombie enterprises” — unprofitable firms burdened by debt — mismanagement or overcapacity.
Work should also be done to defuse local government debt risks, regulate financing activities of local authorities and curb the growth of hidden debt. Meanwhile, financial regulation will be strengthened to make the financial sector better serve the real economy, the statement said.
Xi has spoken of positive changes and stronger momentum in China’s economy, while calling for measures to implement supply-side structural reform and defuse major risks.
He made the remarks at a symposium last Friday attended by representatives of non-Communist parties and the All-China Federation of Industry and Commerce, as well as non-Party members.
Commenting on the country’s economic development in the first half of the year, Xi said the economy maintained steady growth with a positive outlook, deepened structural adjustment, and better-than-expected performance.
The macro-economy is more stable, and people’s lives are getting better, he said.
He said the fundamentals of economic and social development were sound.
There are substantial changes in the relations between economic supply and demand, while companies’ expectations and market confidence are improving gradually, Xi said.
The momentum of economic development is getting stronger in China, which plays a significant role in driving the global economic recovery, he said.
Xi said China should stay sober-minded to properly address problems in its economy. Authorities should “maintain strategic focus” and “do the right things at the right time.”
He called for moves to implement supply-side structural reform and defuse major risks in a proper manner, while stressing balance between maintaining economic stability and seeking progress.
Stability is the keynote, and progress should be pursued on the precondition of keeping overall stability, Xi said.
However, that did not mean authorities should stay in a state of inertia or seek stability in an aggressive or mechanical way, he said. Instead, they should make a difference while walking a fine line with good timing, he said.
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