The highest authority for the Chinese Communist Party (CCP) has sent a slew of policy signals at its latest economic work meeting.
The CCP Politburo convened a meeting on 29 April for the purpose of “analysing and researching current economic conditions and economic work,” with CCP general secretary Xi Jinping presiding.
“The novel coronavirus pandemic and the crisis in Ukraine have increased risk and challenges, and the complexity, severity and uncertainty of China’s economic development environment have elevated,” said the meeting. “Stabilisation of growth, stabilisation of employment, and stabilisation of prices all face new challenges.”
Measures outlined specifically by the meeting include:
- Expanding the intensity of macro-economic adjustments.
- Firmly stabilising the economy.
- Working hard to achieve full year economic and social development forecast targets.
- Keeping the economy within rational bounds.
- Effectively implementing tax exemption and reduction policies.
- Making effective use of various monetary policy tools.
- Expanding domestic demand with full vigour, and make use of the key role of effective investment.
The meeting also called for “effectively managing and controlling key risk, guarding the bottom line against the onset of systemic risk, upholding the position that houses are to be used for occupation, not speculation; supporting local governments to improve real estate policy based on local conditions, and supporting inelastic and improvement housing demand.”