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BEIJING (MNI)

China's senior policymakers see “ensuring economic stability” as a 2022 priority, requiring both monetary and fiscal authorities to react positively to “maintain economic growth in a reasonable range,” Xinhua News Agency reported on Friday.

The comments, made during the Central Economic Work Conference chaired by President Xi Jinping, noted the world's second-largest economy is suffering from slowing demand, supply shocks and weaker expectations, although the economy is still resilient and robust in the long run. A proactive fiscal policy and a prudent monetary policy will continue to be implemented, it was noted.

Fiscal policy must be more efficient and sustainable, to ensure the intensity of fiscal spending, cut taxes and fees and advance infrastructure investment appropriately, the meeting said, adding that local governments must curb new implicit debts. Monetary policy must be flexible and appropriate, maintain reasonable and ample liquidity, and guide financial institutions to increase support for the real economy, especially for technological innovation and green development of SMEs, the meeting said.

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