China vows to keep growth steady, fine-tune policy in second-half

Tue Jul 30, 2013 7:06am EDT
 
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BEIJING (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."   Continued...

 
Chinese President Xi Jinping attends a joint declaration ceremony with South Korea at the Great Hall of the People in Beijing June 27, 2013.REUTERS/Wang Zhao/Pool