China Economic Review

China pledges economic stability in face of “new challenges”

The Chinese Communist Party’s Politburo promised to support stable economic growth whilst acknowledging “new problems and new challenges” to the country’s economic goals during a meeting on Tuesday.

In a statement, the Politburo said that despite “obvious changes in the external environment” its goals of 6.5% economic growth for the year and consistent debt reduction will be kept, Caixin reports.

The challenges will be addressed with targeted measures and policy coordination, the statement read. The strength and pace of deleveraging will be monitored so as not to dampen growth too severely, and infrastructure spending in under-resourced areas will be increased. Measures will also be taken to lower corporate costs and stimulate rural area growth, it added.

The meeting, chaired by President Xi Jinping, also reiterated moves taken last week for a more proactive fiscal policy and the freeing up of capital in the financial sector.