More support for real economy, small companies
Print Edition
CHINA’S economic growth in the first quarter was within a proper range, so the government will continue with its macroeconomic policies, the top leadership said yesterday.
Since the start of the year, the country has faced challenges and difficulties head-on but the economy has generally fared well, said a statement released after a meeting of the Political Bureau of the Communist Party of China Central Committee. The meeting, held to discuss economic situation and related work, was chaired by President Xi Jinping.
“The economic situation was generally in line with the government’s macroeconomic regulation and development outlook,” the statement said.
Economic growth slowed to a six-quarter low of 7.4 percent in the first three months, down from an annual figure of 7.7 percent in 2013.
The growth rate is within the expected range, as the government set a full-year expansion target of 7.5 percent.
Economic growth fundamentals remain unchanged and the country should coordinate the relations of stabilizing growth, promoting reforms, adjusting structure, improving livelihoods and preventing risks, the statement said.
“The country should maintain the stability of its macroeconomic policies. Fiscal and monetary policies will be kept steady to nurture expectation for sound development and a transparent policy environment,” it said.
The government said in its work report last month that it will continue to implement a proactive fiscal policy and prudent monetary policy.
While keeping macro policies stable, micro-level measures should remain flexible, and adjustments will be made in line with changing economic conditions to realize the year’s development goals, the statement said.
In the first quarter, economic growth was steady, the jobs market was generally sound, price levels were stable, the balance of payment situations improved and there were positive changes in economic structure, it said.
Reforms in all respects were pushed forward in an orderly manner as set out in a landmark plan for deepening comprehensive reforms before 2020.
However, downward pressures on economic growth remain due to uncertainties in the external environment.
“Some difficulties cannot be underestimated and great attention should be placed on hidden risks,” the statement said.
The government will boost support for the real economy to offer a solid foundation for economic growth, and will step up support for small and micro-firms, agricultural sectors and social causes, it said.
“More efforts should be made to streamline administration and delegate powers to lower levels to build an equitable market environment,” it said.
China will intensify efforts to accelerate economic restructuring, promote growth quality and efficiency, enhance production-related service sectors, upgrade and restructure the manufacturing sector, and promote the development of technology and equipment for environmental protection and cyclical use of resources.
The government should also continue to support the development of western areas and the rejuvenation of old industrial bases, as well as promoting the coordinated development of Beijing, Tianjin and Hebei Province.
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