China to step up policy adjustments, focus on demand: Politburo

CHINA will step up macroeconomic policy adjustments and focus on expanding domestic demand, the Politburo, a top decision-making body of the ruling Communist Party, said on Monday (Jul 24), the state-run Xinhua news agency reported.

The economy faces new challenges and the post-pandemic recovery will be tortuous, Xinhua reported, following a Politburo meeting chaired by President Xi Jinping.

“Currently, China’s economy is facing new difficulties and challenges, which mainly arise from insufficient domestic demand, difficulties in the operation of some enterprises, risks and hidden dangers in key areas as well as a grim and complex external environment,” Xinhua cited the Politburo as saying.

Top leaders pledged to “intensify macroeconomic policy adjustments, focus on expanding domestic demand, boosting confidence and preventing risks, and continuously promote the improvement of economic operations”, Xinhua said.

China will implement its macro adjustments in a precise and forceful manner, as the government sticks with a prudent monetary policy and proactive fiscal policy, the Politburo was quoted as saying.

China will adjust and optimise property policies at an appropriate time, while also effectively preventing risks in local government debt, Xinhua said.

SEE ALSO

Darkening gloom plagues China stocks as politburo hopes dim

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

The government will boost consumption of auto, electronic and household products, and promote tourism consumption, Xinhua added. REUTERS