Experts: Policies curbed risks, defused hard economic landing

A new batch of macroeconomic tools were key to curbing systemic financial risks and preventing an economic hard landing during the past year, experts said.

These tools included targeted tax reductions for small and micro businesses, and targeted monetary easing to support undeveloped sectors, instead of extensive and aggressive stimulus.

"It was the first time that the Chinese government's macroeconomic regulation focused on both growth stabilization and structural reforms," said Ma Jiantang, executive vice-president at the Chinese Academy of Governance. "Balancing the two targets will require more creative policies in the coming years."