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Politburo: economy smooth in H1, reforms continue

CCTV.com

07-27-2016 00:18 BJT

The Politburo of the Central Committee of the Communist Party of China says the government will encourage demand and maintain proactive fiscal and prudent monetary policies while keeping the yuan stable at a reasonable level.

Those assessments came from the Politburo's meeting on Tuesday that was chaired by General Secretary Xi Jinping.

The meeting concluded that supply-side reforms have had positive results, and the Chinese economy and financial markets ran smoothly in the first half under the economic new normal.

However, the meeting acknowledged that downward pressure remains relatively large. Therefore, the meeting said the government should continue reforming its state-owned firms, prevent asset bubbles and lower tax burdens on businesses. 

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