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China to keep proactive fiscal policy, prudent monetary policy

Xinhua | Updated: 2016-10-29 03:55

BEIJING ?-- China will implement proactive fiscal policies and maintain prudent monetary policies to help stabilize growth and promote reforms, according to the Political Bureau of the Communist Party of China (CPC) Central Committee on Friday.

The government should ensure reasonable fiscal expenditure and enhance support for underdeveloped areas and provinces needing financial support while maintaining a proper liquidity level and guarding against asset bubbles and financial risks, according to a statement released after a Political Bureau of the CPC Central Committee meeting on economic affairs chaired by Xi Jinping, general secretary of the CPC Central Committee.

The meeting pointed out that China's economy had posted stable growth in the past three quarters with concrete progress made in structural reforms, as evidenced by rapid high-tech sector development, strong service sector growth, a stable financial market and better-than-expected employment.

China's economy grew 6.7 percent in the third quarter of 2016, holding steady with the first and the second quarters and strengthening hope that the central government will achieve its annual GDP target of 6.5 percent to 7 percent.

The Political Bureau of the CPC Central Committee recognized the willingness of ministries and local governments to cut excess capacity, destock, reduce costs, strengthen weak areas and deleverage while pointing out the differentiated development among different regions, sectors and enterprises.

The government will continue to moderately expand domestic demand and press ahead with supply-side structural reforms with more concrete and detailed policies to ensure annual growth targets are hit, the statement said.

The meeting called for protecting property rights, consolidating investment momentum, promoting consumption growth and facilitating trade growth.

Meanwhile, governments should help the ordinary people in need and keep social stability and production safety, the statement added.

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