Business / Economy

China to balance reform, development, stability

(Xinhua) Updated: 2014-07-30 10:01

BEIJING - China will look to balance reform, development and stability in the latter half of the year, according to a meeting of the Communist Party of China (CPC) on Tuesday.

The meeting of the Political Bureau of the CPC Central Committee studied the first half of the year's economic situation and worked out what needs to be done in the second half.

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"In the first half, economic growth was kept within a reasonable range, with major indicators within targets," said a statement released after the meeting, presided by CPC leader Xi Jinping.

Growth still faces challenges internally and externally. "More effort is needed to maintain steady economic growth," it said.

In the second half of the year, the country must strike a balance between reform, development and stability. At the same time it must find the balance between short-term targets and long-term growth.

The government should also coordinate economic and social development while improving people's livelihood, the statement said.

The government will maintain its macro policies while focusing on targeted controls of problems in the economy.

Policies and measures will take both short-term and long-term development into account, while efforts will be made to speed up reforms and opening-up, restructuring and risk prevention.

A certain growth rate is important because without fast growth, many problems will be difficult to solve, but such growth must be scientific, sustainable, and inclusive in compliance with laws of the economy, nature, and society.

Specifically, reforms will focus on investment management, greater simplification of administrative approval procedures and further delegation of power, as well as opening up monopolized sectors to competition.

Fiscal and financial resources will be used more effectively to support the real economy and more financing channels will be explored.

Authorities will expand effective investment and attract more private investment; efforts will be made to expand domestic consumption.

Exports should be stabilized and new growth engines or regional powerhouses sought to boost the economy.

Efforts will also be made to promote urbanization, improve the social safety net, boost employment, and enhance the health sector.

China to balance reform, development, stability

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