China: There are still many difficulties and problems in economic operations - politburo
Following its meeting today, China’s ruling Communist Party’s top decision-making body released a statement, via state news agency Xinhua, that read "while fully affirming the achievements, we should clearly see that there are still many difficulties and problems in economic operations."
- The external economic environment is generally tightening and the domestic economy is under downward pressure.
- China will implement counter-cyclical adjustments in a timely and appropriate manner, while the pro-active fiscal policy will become more forceful and effective, and the prudent monetary policy will be neither too tight nor too loose.
- Government will effectively support the private economy and the development of small- and medium-sized firms.
- Authorities will strike a balance between stabilising economic growth, promoting reforms, controlling risks and improving people's livelihoods.
- Will push forward structural deleveraging and prevent speculation in the property market.
- We should adhere to the orientation that houses are used for living, not for speculation.