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[BEIJING] China will step up targeted macro policy control to support the economy and counter downward pressure, according to an official news agency report.
The politburo, a top decision-making body of the Communist Party, will keep macro policies stable and make "pre-emptive" adjustments and fine-tune economic policies in a timely manner in the second-half, the Xinhua News Agency reported on Thursday following a meeting of the body chaired by President Xi Jinping. Liquidity should be kept at an "appropriate" level to serve the real economy, according to the report, which was posted on the central government website.
China's economy has shown signs of stabilization in the last quarter as the government cut interest rates four times since November and relaxed rules for local government financing. The recovery was complicated after stock market swings since June and a manufacturing gauge unexpectedly fell to a 15-month low in July.
China will pay high attention to downward economic pressure and control systemic risks, Xinhua cited the politburo as saying. The government will "ensure the continuity and stability of macro policy" and maintain a proactive fiscal policy and public spending, according to the report.
The government took a spate of unprecedented measures to stop a month-long rout that wiped out almost US$4 trillion of market value, including allowing hundreds of companies to suspend trading, banning major shareholders from selling and arming a state-run financing vehicle with more than US$480 billion to support the market. No mention of the stock market was made in Thursday's report.
The nation will continue to relieve the burden on companies and encourage private investment, the Xinhua report said. The politburo reiterated that the nation's prudent monetary policy needs to pay more attention to the balance between tightening and loosening, according to Xinhua.
The meeting also discussed development and stability in Tibet, and decided to set up a leading group on "united front work," Xinhua said.