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.
TEXT SIZE - +
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

Multimedia Anti-Keystone XL Protests Continue

Demonstrators are worried about pipeline's effect on climate change, their traditional way of life, health and safety More

Thailand's Political Power Struggle Continues

Court gave Prime Minister Yingluck Shinawatra until May 2 to prepare her defense over abuse of power charges but uncertainty remains over election timing More

Malaysia Plane Search Tests Limits of Ocean Mapping Technology

Expert tells VOA existing equipment’s maximum operating depth is around 6 kilometers as operation continues on ocean bed for any trace of MH370 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.
Pet Kangaroo Helps Spread Environmental Messagei
X
Penelope Poulou
April 22, 2014 5:53 PM
Children’s author Julia Heckathorn travels the world to learn about different ecosystems and endangered animals. She pours her knowledge into children’s books, hoping the next generation will right the environmental wrongs of our times. As in many children's books, the main character in Heckathorn's stories is an animal. Unlike those other characters, though, this one is real - a kangaroo, that lives in the author’s backyard. VOA’s Penelope Poulou has more.
Video

Video Pet Kangaroo Helps Spread Environmental Message

Children’s author Julia Heckathorn travels the world to learn about different ecosystems and endangered animals. She pours her knowledge into children’s books, hoping the next generation will right the environmental wrongs of our times. As in many children's books, the main character in Heckathorn's stories is an animal. Unlike those other characters, though, this one is real - a kangaroo, that lives in the author’s backyard. VOA’s Penelope Poulou has more.
Video

Video Pro-Russian Separatists Plan 'Federalization Referendum' in Eastern Ukraine

Pro-Russian separatists in eastern Ukraine say they plan to move forward next month with a referendum vote for greater autonomy, despite the Geneva agreement reached with Russia, the U.S. and Ukraine to end the political conflict. VOA's Brian Padden reports from the city of Donetsk in Eastern Ukraine.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video International Students Learn Film Production in World's Movie Capital

Hollywood - which is part of Los Angeles - is the movie capital of the world, and many aspiring filmmakers go there in hopes of breaking into the movie business. Mike O'Sullivan reports that regional universities are also a magnet for students who hope to become producers or directors.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid

World Currencies

EUR
USD
0.7217
JPY
USD
102.17
GBP
USD
0.5949
CAD
USD
1.1009
INR
USD
60.326

Rates may not be current.