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China top leadership pledges more targeted policies to support growth

Updated: Jul 30,2015 9:12 PM     Xinhua

China’s top leadership pledged to step up targeted policies to combat the downward pressure on the economy on July 30.

“China will keep the continuity and stability of macro-policies ... to maintain economic operations within a reasonable range,” said a statement released after a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee.

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

China’s economic growth was in line with expectations in the first half of the year, but the economy is still facing the problem of seeking new growth momentum as traditional drivers weaken, the statement noted.

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

China’s growth held steady at 7 percent in the first half of the year, with nascent signs of recovery fueling hopes of growth picking up momentum in the latter half of the year.

China will maintain its proactive fiscal policy by continuing to expand public spending, reduce companies’ burdens and encourage private investment, while keeping its prudent monetary policy elastic, according to the statement.

It pledged to take “effective measures” to nurture the steady growth of consumption, investment and exports, key engines driving the country’s economic expansion.

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