China Brings Out Economic Strategy for the Second Half

The Political Bureau of the Communist Party of China Central Committee met on July 28 to analyze the current economic situation and set out economic work for the second half of the year, including a next-stage policy navigation strategy. The meeting largely focused on “maintaining strategic resolve” while stabilizing growth without introducing excessive stimulus measures. It also emphasized speeding up the implementation of existing policies and making full use of them.

Infrastructure construction will remain a policy focus in the second half, and new loans from policy banks as well as their funding for infrastructure projects will provide support for infrastructure construction. At the same time, there will be further room for city-specific policies in the real estate sector.

It is pointed out at the meeting that China has been facing a complex and challenging international situation, as well as demanding tasks of advancing reform, promoting development and maintaining stability at home.

It was also stated that there are prominent issues to address to pursue economic development, and the nation should maintain strategic resolve and continue to manage its own affairs.

It was stressed at the meeting that in the second half, China should continue following the principle of pursuing progress while ensuring stability, apply the new development strategy in full, in the right way and in all fields of endeavor, move faster to create a new pattern of development and strive to promote high-quality development.

While fully satisfying requirements for effective COVID-19 prevention, economic stability, and safe development, the nation should maintain economic recovery momentum, ensure stable employment and commodity prices and keep major economic indicators within an appropriate range while striving to achieve the best possible results, it was noted at the meeting.

The meeting also underlined that major provincial-level regions must shoulder responsibilities, while those capable should exert efforts to fulfill their set social and economic development targets.

To effectively carry out prevention and control of COVID-19, the meeting said it would come from perseverance, and China should effectively coordinate COVID-19 responses with economic and social development.

It was also stressed that macroeconomic policies should play a role in boosting demand, and fiscal and monetary policies should be able to effectively offset deficiencies in social demand.

As for energy, the meeting said more work should be done to boost capacity to ensure energy and resource supplies and work out a system for the supply and use of new energy. It was the second time a meeting of the Political Bureau of the CPC Central Committee mentioned “a system for the supply and use of new energy”.

On its Jan. 24 meeting, the bureau demanded to step up the planning and construction of new energy supplies and use a system based on large wind and solar power facilities that receive support from nearby clean, efficient, advanced and energy-saving coal-fired power assets, and also use safe and reliable ultrahigh voltage transmission lines.

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