China will continue policies to support the economy as downward pressures and external challenges remain, the ruling Communist Party’s top policymaking body said Friday.
Macro policies will continue to focus on promoting high-quality growth and stimulating market vitality, the Politburo said. China will further improve the effects of proactive fiscal policy while keeping monetary policy prudent, neither too tight nor too loose, according to a statement released by the official Xinhua News Agency after a Politburo meeting chaired by President Xi Jinping.
The statement came shortly after China reported better-than-expected first-quarter growth of 6.4%, indicating a stabilizing economy and reviving market confidence.
Despite signs of improvement, the Politburo warned that difficulties and problems in economic operations remain. “The external economic environment is generally tightening, and the domestic economy is under downward pressure,” the Politburo said.
To bolster the economy, China will step up measures to promote development of the advanced manufacturing sector while pushing forward industrial upgrades, further support private-sector financing and growth, continue to contain housing market speculation, ensure healthy development of financial markets while encouraging innovation, and expand market access for foreign investors, the Politburo said.