Politburo sets out priorities for economic work

Special focus on fight against financial risks, poverty, pollution

The Political Bureau of the Communist Party of China (CPC) Central Committee, in a meeting on Monday, set the tone for economic work for the remainder of the year, calling for “all efforts” in the fight against financial risks, poverty and pollution, while maintaining stability in the economy.

“We must make all efforts to fight the ‘three tough battles,’” said a statement on the central government’s website, referring to financial risks, poverty and pollution. “At the same time, we must adhere to an active fiscal policy and a prudent, neutral monetary policy… to maintain the stable operation of the economy.”

The statement also noted that China would continue to deepen economic reforms and pursue further opening-up.

“We must take the initiative to promote reform and opening-up, deepen the reforms of State-owned enterprises and State-owned assets as well as fiscal, taxation and financial reforms,” the statement said, adding that the country would soon implement previously announced opening measures in manufacturing and other sectors.

China will also focus on supervision and elimination of hidden risks to ensure sound development in the credit, equity, bond, foreign exchange and real estate markets.

The Chinese economy has maintained its steady growth momentum in the first quarter of this year, as major economic indicators have pointed to stronger domestic demand and good coordination between the growth of the industrial and service sectors.

The country’s GDP expanded by 6.8 percent year-on-year in the first three months of 2018, unchanged from the growth rate in the previous quarter, according to data released by the National Bureau of Statistics last week.

“However, the structural and deep problems that constrain sustained economic growth still exist,” the statement said. “There are still many problems to overcome in the ‘three tough battles’ and the world’s economic and political situation is even more complicated.”

And to meet the nation’s targets for the whole year, “we must put in hard work,” it said.