BEIJING: China will step up macroeconomic policy support in the second half of the year to further boost the nation’s economic recovery, focusing on expanding domestic demand, enhancing confidence and preventing risks, according to a Party leadership meeting on Monday.
The meeting of the Political Bureau of the Communist Party of China Central Committee, presided over by Xi Jinping, general secretary of the CPC Central Committee, analyzed the current economic situation and made arrangements for economic work in the second half of the year.
China’s economy is facing new challenges, mainly arising from insufficient domestic demand, difficulties confronting some enterprises, risks and hidden dangers in key areas, as well as a grim and complex external environment, said a statement issued following the meeting.
However, it noted that the nation’s economy has enormous resilience and potential, and the positive fundamentals for long-term development remain unchanged. It is necessary to stick to a proactive fiscal policy and a prudent monetary policy, step up the implementation of tax and fee reduction, and give full play to the role of quantitative and structural monetary tools to support scientific and technological innovation, the real economy and the development of micro, small and medium-sized enterprises, the meeting’s participants said. –The Daily Mail-China Daily news exchange item
