China's State Council on Monday stressed the need to strengthen "counter-cyclical adjustments" and adopt more policies at the right time to cement the recovery and promote further growth of the Chinese economy.

Efforts need to be made to stimulate the vitality of private investment, strengthen the capital market, and boost investors' confidence, according to a State Council executive meeting chaired by Premier Li Qiang. 

Counter-cyclical adjustments are macroeconomic tools used to neutralize negative effects of economic cycles. 

It's also necessary to quicken the incubation of strategic emerging sectors, foster new pillar industries, and enhance China's competitiveness and influence in the global industrial and supply chains, the meeting indicated.

The meeting also emphasized the need to optimize policies concerning the real estate market and put forth city-specific policies that can meet different demands and are inducive to the steady and sound development of the sector.

Employment must receive great attention, and policies to increase employment and entrepreneurship must be integrated and optimized to create more jobs.

Making follow-up arrangements on the policies due to expire this year and next year is significant to stabilizing business expectations and boosting confidence, the meeting noted, calling for full implementation of the new arrangements.

It also approved three nuclear power projects located in Ningde in Fujian Province, Xudapu in Liaoning Province, and Shidao Bay in Shandong Province, respectively.

Safety and quality will be the top priority in the construction of these projects, it said.

The meeting also discussed and approved in principle a draft decision on extending the authorization for the State Council to carry out a pilot program that enables law practitioners from Hong Kong and Macao to practice law in nine cities of Guangdong Province on the mainland.

The draft decision will be submitted to the National People's Congress Standing Committee for review.

(Cover: Tourists shopping in Shanghai, China, July 26, 2023. /CFP)