BEIJING: The Communist Party of China (CPC) Central Committee’s Political Bureau convened on Thursday to examine and assess the state of the economy and to plan future economic initiatives. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.
The Chinese economy has posted generally stable performance this year, making progress while ensuring stability, it was agreed at the meeting.
New quality productive forces have reported steady development, and solid efforts have been made to guarantee people’s livelihood. Positive progress has also been achieved in preventing and defusing risks in major areas.
It was noted at the meeting that the fundamentals of the Chinese economy and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged.
It is necessary to take a comprehensive, objective and calm view of the current economic situation, face the difficulties squarely and remain confident, said the meeting.
The country should effectively implement existing policies, step up efforts to roll out incremental policies, further make policy measures more targeted and effective, and strive to accomplish the targets and tasks for this year’s economic and social development, according to the meeting.
The meeting stressed the need to issue and make good use of ultra-long special treasury bonds and local government special-purpose bonds to better leverage the driving role of government investment.
It is imperative to lower the reserve requirement ratio and implement impactful interest rate cuts, the meeting said.
Efforts will be made to stabilize the property market and reverse its downturn, adjust the policy of housing purchase restrictions, lower interest rates on existing mortgage loans, promptly improve land, fiscal, tax and financial policies, and promote the establishment of a new model for real estate development, the meeting said.
The meeting called for efforts to boost the capital market, vigorously guide medium- and long-term funds to enter the capital market and clear the obstacles for social security, insurance, and wealth management funds to invest in the capital market.
Mergers, acquisitions and restructuring of the listed firms will be supported, the meeting noted, urging efforts to steadily advance the reform of publicly offered funds and mull over and introduce policy measures to protect small and medium-sized investors.
On Tuesday, China’s central bank, top securities regulator and financial regulator announced a raft of monetary stimulus, property market support and capital market strengthening measures to boost the country’s high-quality economic development.
Thursday’s meeting also underlined the necessity to roll out a private economy promotion law and foster a favorable environment for the development of the non-public sector.
Efforts should be made to increase the incomes of middle- and low-income groups and improve the consumption structure, according to the meeting.
The meeting called for efforts to support and standardize social forces in developing elderly care and childcare industries and to refine pro-childbirth policies. It urged efforts to advance and implement reform measures regarding the market access of foreign capital to the manufacturing sector and further optimize a first-rate business environment that is market-oriented, law-based and internationalized.
The meeting stressed prioritizing employment support for key groups such as fresh college graduates, rural migrant workers, individuals just lifted out of poverty, and zero-employment households.
Assistance will be stepped up for those facing difficulties in securing jobs, including old-age individuals, people with disabilities and those unemployed for a long time, the meeting said, adding that more assistance will also be provided to the low-income population.
Chinese authorities on Wednesday unveiled a guideline for promoting high-quality and sufficient employment by implementing the employment-first strategy.
The document urges efforts to create more high-quality jobs, including transforming and upgrading traditional industries, fostering and strengthening emerging industries, developing future industries and accelerating the development of advanced manufacturing clusters.
Thursday’s meeting also underlined the significance of agricultural production in autumn and winter to ensure national grain security.
