China's economy: High-quality development and further reforms
Updated 22:50, 30-Jul-2019

The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Tuesday in Beijing, analyzing the economic situation, arranging economic work in the second half of the year, and reviewing a Party accountability regulation and a report on discipline inspection.

Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.


First half of year: Overall economic stability with steady progress

In the first half of the year, China achieved overall economic stability with steady progress. The main macro-economic indicators remained within a reasonable range.

The supply-side structural reform continued to advance, the reform and opening-up continued to deepen, the employment rate remained high, and targeted poverty alleviation was carried out in an orderly manner.

People's living standards continued to improve, and positive factors driving high quality development have increased.

China's sci-tech innovation board (STAR market) should continue to implement a registration system with information disclosure as its core, and improve the quality of listed companies.

Prospects for second half year

In the second half of the year, China will adhere to the general tone of steady progress, with the supply-side structural reform as the main line. The country will continue to uphold the new development concept, promote high-quality development and reform and opening-up.

Macro-economic policies should be stable and micro policies be flexible. The country will continue to coordinate the work of stabilizing growth, promoting reform, restructuring, benefiting people's livelihood, preventing risks, and ensuring stability, as well as promoting sustained and healthy economic development.

The industrial basic capability and industrial chain level should be upgraded. Manufacturing investment should be stabilized and the construction of new infrastructure such as information networks should be accelerated.

The country will continue to deepen institutional reforms, increase the vitality and momentum of economic development and take concrete measures to support the development of private enterprises.

The proactive fiscal policy should be more efficient and cover larger-scale tax cuts and fee reductions while the monetary policy should remain moderate as a way to keep liquidity.

The meeting also reviewed the regulations of the CPC on disciplinary action.

A symposium presided by President Xi was held on Monday to solicit opinions and suggestions on economic situation and economic work in the second half of the year from non-Party personages. 

During the symposium, Xi expressed gratitude to the non-CPC personages for their suggestions over the past year regarding the country's economic work.

China's economy has shifted from a stage of rapid growth to a stage of high-quality development, Xi said, adding that it will not be an easy process in changing the concept of development, optimizing the economic structure and transforming the driving force of growth.

He called on the non-CPC personages to guide the people to fully understand current economic conditions, take an objective view of contradictions and difficulties in the process.

Representatives of non-CPC personages agreed that the country should keep aiming for high-quality growth with stable fiscal and monetary policies.