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

Polls Open in Scotland Independence Vote

As race to persuade undecided voters continues, 'No' voters say they believe life in Scotland will slowly improve, 'Yes' vote not worth the risk More

South Africa’s 'Open Mosque' Admits Everyone, Including Critics

Open Mosque founder plans to welcome gay worshipers and allow women to lead prayers More

Ukrainian Activist in Despair About Future of Her Country

IrIna Dovgan, accused of being a spy and tortured by pro-Russian separatists, is appealing to UN Human Rights Council to support her country 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.
A Dinosaur Fit for Land and Wateri
X
September 17, 2014 8:44 PM
Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.
Video

Video NASA Picks Boeing, SpaceX to Carry Astronauts Into Space

The U.S. space agency, NASA, has chosen Boeing and SpaceX companies to build the next generation of spacecraft that will carry U.S. astronauts to the International Space Station by the year 2017. The deal with private industry enables NASA to end its dependence on Russia to send space crews into low Earth orbit and back. Zlatica Hoke has more.
Video

Video Future of Ukrainian Former President's Estate Uncertain

More than six months after Ukraine's former President Viktor Yanukovych fled revolution to Russia, authorities have yet to gain control of his palatial estate. Protesters occupy the grounds and opened it to tourists but they are also refusing to turn it over to the state. VOA's Daniel Schearf reports from Mezhigirya, just north of Kyiv.
Video

Video China Muslims Work to Change Perceptions After Knife Attacks

China says its has sentenced three men to death and one woman to life in prison for a deadly knife attack in March that left more than 30 dead and 140 injured. Beijing says Muslim militants from China's restive western region of Xinjiang carried out the attacks. Now, more than six months after the incident, residents in the city are still coping with the aftermath. VOA's Bill Ide has more from Kunming.
Video

Video Enviropreneur Seeks to Save the Environment, Empower the Community

Lorna Rutto, a former banker, is now an ‘enviropreneur’ - turning plastic waste into furniture and fences discusses the challenges she faces in Africa with raw materials and the environment.
Video

Video West Trades Accusations Over Ransoms

As world leaders try to forge a common response to the threat posed by Islamic State militants in Iraq and Syria, there is simmering tension over differing policies on paying ransoms. In the past month, the jihadist group has beheaded two Americans and one Briton. Both countries refuse to pay ransom money. As Henry Ridgwell reports for VOA from London, there is uncertainty in the approach of some other European nations.
Video

Video Scotland Independence Bid Stokes Global Interest

The people of Scotland are preparing to vote on whether to become independent and break away from the rest of Britain, in a referendum being watched carefully in many other countries. Some see it as a risky experiment; while others hope a successful vote for independence might energize their own separatist demands. Foreign immigrants to Scotland have a front row seat for the vote. VOA’s Henry Ridgwell spoke to some of them in Edinburgh.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid

World Currencies

EUR
USD
0.7718
JPY
USD
107.32
GBP
USD
0.6125
CAD
USD
1.0974
INR
USD
60.919

Rates may not be current.