CPC Politburo meeting sets economic course for H2

By Zhang Hongpei and Song Lin Source:Global Times Published: 2019/7/30 21:18:40

Further opening-up will address 'deep and complex changes'


People work on the construction site of China State Construction Engineering Corporation (CSCEC)'s Central Business District (CBD) project in Egypt's New Administrative Capital, about 50 kilometers east of Cairo, on June 1, 2019. More than 3,000 Egyptian and Chinese employees of China State Construction Engineering Corporation (CSCEC) work in the four-year CBD project that started in May 2018. The project is a landmark for the China-proposed Belt and Road Initiative (BRI) that seeks win-win development cooperation between participating states through economic and trade partnerships as well as infrastructure projects. (Photo: Xinhua)



Chinese officials, while recognizing the tough external environment due to lingering trade war, charted a sound economic development course for the second half of 2019 at a high-level meeting, with more stimulative measures in finance and consumption, stabilizing policies in manufacturing and employment as well as innovative rules to inject vigor for homegrown high-tech companies.

The Political Bureau of the Communist Party of China (CPC) Central Committee analyzed the economic situation and arranged economic work for the second half of the year in a symposium held to solicit opinions and suggestions on the economic situation and economic work from non-Party personages, the Xinhua News Agency reported on Tuesday.

Chinese President Xi Jinping, who is also the general secretary of the CPC Central Committee, presided over and addressed the symposium.

Xi emphasized that economic work will play a vital role in the second half of the year when China will celebrate the 70th Anniversary of the founding of the People's Republic of Chinavia a series of activities.

"The overall economic situation in China is good, but there are deep and complex changes in the international environment and domestic circumstances that the economy faces," said Xi.

Standing firm, enhancing competence by hard work and tapping into the potential of reform and innovation will let the ship of China's economy sail steady and far, said the top leader.

China will continue to boost its economy by expanding domestic consumption especially in rural markets, as well as stabilize foreign trade and employment, said the high-level meeting.

China has an enormous domestic market, which offers great potential for continuous economic growth, Dong Shaopeng, an adviser for the China Securities Regulatory Commission, told the Global Times on Tuesday.

Huge domestic demand includes consumption and investment, and this is one of the biggest advantages of China's economy, Dong said.

More effective fiscal policy and monetary policy that is neither too tight nor too loose will be adhered to, according to the meeting.

"The 70th anniversary carries a significant meaning for the economic work in the second half of the year," Tian Yun, vice director of the Beijing Economic Operation Association, told the Global Times on Tuesday.

Opening-up is still the main path for China to promote its economic growth, Tian noted, adding that both domestic and overseas measures could be taken to accelerate economic development.

For example, newly emerging markets and countries that cooperate with China under the framework of the Belt and Road Initiative have enormous market demand for China's commodities, which could drive China's trading sector.

The meeting also emphasized that China will not use its real estate market to provide short-term stimulus to the economy.

Though China is facing downward pressure on its economic growth, authorities stressed again that short-term economic stimulus measures aren't being considered, such as easing property market policies, Tian said.

In addition, China is promoting an economic structural upgrading that could generate further growth impetus.

The meeting also pointed out that the recently launched science and technology innovation board in Shanghai should stick to its positioning: implementing registration system with information release as the core, while enhancing the quality of listed firms.

Against the backdrop of the ongoing China-US trade dispute, a most important thing for China is to firmly enhance its own development and keep opening up to the world, Dong noted.

China is expected to achieve a GDP growth rate between 6-6.5 percent in 2019. In the first half, China's GDP grew 6.3 percent year-on-year, slowing from 6.4 percent in the first quarter but falling within the annual range set by Chinese policymakers. The growth rate also surpassed those of other major global economies.


Newspaper headline: China to boost H2 growth


Posted in: ECONOMY,COMPANIES

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