Xi stresses need to push ahead with supply-side reforms

Chinese President Xi Jinping urged further progress on supply-side structural reforms as the Communist Party’s decision-making Politburo on Tuesday discussed economic policies for the second half of the year, the South China Morning Post writes. In a separate meeting with non-party experts on Monday, and reported by state media on Tuesday, Xi said policies should be accommodative to ensure growth stayed on track. According to a statement about the gathering carried by Xinhua, the Politburo said the key to retiring redundant capacity and deleveraging was deepening reforms of state-owned enterprises and financial institutions. Reducing oversupply in the property sector would proceed in line with urbanization needs, while the asset bubble should also be reined in and the tax burden cut.