News / Economy

China Vows to Keep Growth Steady, Fine-Tune Policy

A pedestrian walks past electronic signs displaying pictures of China's Politburo Standing Committee members at a subway station, Shanghai, June 18, 2013.
A pedestrian walks past electronic signs displaying pictures of China's Politburo Standing Committee members at a subway station, Shanghai, June 18, 2013.
Reuters
China's politburo, the country's top decision-making body, pledged on Tuesday to keep economic growth stable in the second half by fine-tuning policies, while pressing ahead with reforms and restructuring, the official Xinhua news agency said.
 
A meeting of the body, presided over by President Xi Jinping, was the first since official data showed economic growth slowed to 7.5 percent in the second quarter from 7.7 percent in the first three months of 2013.
 
Tuesday's comments were the latest in series by top leaders affirming their policy stance for the world's second-largest economy, which has slowed in nine of the past 10 quarters.
 
"The central authorities will continue to coordinate the multiple tasks of stabilizing growth, restructuring the economy and promoting reforms," Xinhua said, citing a statement released after the politburo meeting.
 
China's economy faces "extremely complicated domestic and international conditions," the leadership concluded, according to Xinhua.
 
Top leaders have made clear they will accept a slowdown in growth to push attempts to restructure the economy away from dependence for growth on exports and manufacturing, and towards one driven by consumption and services.
 
However, they have indicated that annual growth should not be allowed to slip below 7 percent.
 
"We should grasp the direction, intensity and rhythm of macro-controls to keep the economic performance within in a reasonable range," the politburo said.
 
While the statement reaffirmed current fiscal and monetary policies, it said that "based on changes in the economic situation, we will pre-emptively fine-tune policies in a timely way and increase financial support for the real economy."
 
'Human-centered' urbanization

The government will also push "human-centered" urbanization and promote stable and healthy development of the real estate sector, it added.
 
China plans to bring 400 million people to its cities over the next decade. The country will steadily loosen its rigid residence registration, or hukou, system that keeps people from getting access to basic welfare services outside their official residence area.
 
Analysts in a Reuters poll have forecast China's annual GDP growth will slow to 7.4 percent in the third quarter before stabilizing in the final quarter of 2013. Full-year growth is forecast at 7.5 percent, in line with the official target.
 
The State Council, China's cabinet, has pledged to increase investment in affordable housing for poor families. It has also announced policies to support small- and medium-sized enterprises as well as efforts to speed up development in energy-saving industries and the telecoms sector.
 
Leaders are expected to hold the third plenum of the 18th Central Committee of the Communist Party of China in October to set their economic agenda for the next decade. The plenum may also include some political reform.
 
Historically, third plenums have been a springboard for key changes in China. One such session, in the 1990s, spawned sweeping economic reforms introduced by then-Premier Zhu Rongji.

You May Like

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. More

Video Sudan School Becomes Target of Aerial Attacks

Dropout rate at an all-time high in South Kordofan state because many schools have been destroyed during 3-year civil war More

Tennessee Songbirds Fly Coop Long Before Tornadoes Arrive

Researchers say birds apparently alerted to danger by sounds at frequencies below range of human hearing More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Sudan School Becomes Target of Aerial Attacksi
X
December 19, 2014 12:45 AM
The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Putin Says Russian Economy Will Emerge Stronger

Russian President Vladimir Putin has said his country's sinking economy will not only recover but also become stronger, despite falling oil prices and Western sanctions over Ukraine. VOA's Daniel Schearf reports.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.

All About America

AppleAndroid

World Currencies

EUR
USD
0.8140
JPY
USD
118.81
GBP
USD
0.6402
CAD
USD
1.1597
INR
USD
63.066

Rates may not be current.