Focus on stabilizing growth and defusing major risks

The most recent data have shown that the momentum of the country's economic development is getting stronger, with the economic indicators for the first half of the year beating expectations and urban employment steadily improving. There has also been further progress in growth rebalancing, with the ratio of consumption to GDP increasing and the service sector's share in the economy continuing to grow.

But despite the good momentum in the first half of this year, the country's leaders are conscious of the need to strike a balance between stabilizing growth and the defusing of major risks, as signaled by the statement released after a meeting of the country's top leadership on Monday.

Although the fundamentals remain sound, prompting the International Monetary Fund to raise its forecast of the country's growth this year from 6.6 percent to 6.7 percent, it was recognized at a meeting of the Political Bureau of the Communist Party of China Central Committee presided over by General Secretary Xi Jinping, that this does not mean the economic and financial risks can be ignored.