Allaying fears over China's economic slowdown, the ruling Communist Party today assured the nation that the economy would maintain steady growth in the second half of this year amid "extremely complicated domestic and international conditions."
The central authorities will continue to coordinate the tasks of stabilising growth, restructuring the economy and promoting reforms, CPC Politburo, the highest body of the Party which discussed the complex economic situation at its meeting attended by President Xi Jinping, said in a statement.
China's economy has been stuck in a protracted slowdown, easing to 7.5 per cent in the second quarter from 7.7 per cent in the first three months, as the government deliberately tamed down the pace to avoid bubbles, state-run Xinhua news agency said.
The slowdown has sparked concerns that for the first time in recent years the GDP this year may miss the official target set at 7.5 per cent.
The slowdown also sparked concerns of massive job losses.
"Major economic indicators were within reasonable ranges in the first half of this year, and economic and social development enjoyed a good start," the statement said.
The authorities said they believe the country is still in a period of strategic opportunity and enjoying the foundations of steady and healthy economic development, noting that "the economy will maintain steady growth in the latter half of the year," according to the Xinhua report.
The meeting also underlined risk awareness and the need to prepare for complex and difficult situations, as the world economy is experiencing a deep restructuring.
"Macro policy should be stable, micro policy should be flexible and social policy should support the bottom line. All of them should be coordinated," the statement said.
The direction, intensity and pace of the macro regulation should be managed well.
The proactive fiscal policy and prudent monetary policy will remain, it said.
