Breaking | China’s Politburo pledges support, sending stronger-than-expected signal to boost economy
China has vowed to step up macro policies and stabilise market confidence to ensure it achieves leaderships’ full-year economic growth goal as the economy faces “increasing negative influence” from the outside world and insufficient demand at home.
The top leadership signalled more support for emerging sectors, vowed to unleash more domestic demand, and warned against “vicious competition” among local companies, according to a meeting on Tuesday of the Chinese Communist Party’s 24-member Politburo, the party’s top decision-making body led by President Xi Jinping.
The country will make unwavering efforts to keep economic growth at around 5 per cent after official data showed the recovery momentum slowing in the second quarter, leaders said at the meeting – a traditional midyear review of the economy during which leaders set the rest of the year’s policy agenda following the third plenum, which set medium to long-term goals.
More to follow …
