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MNI (Sydney)

China's top decision-making body has urged cadres to further implement macroeconomic policies in the second half of 2020, including more flexible fiscal measures, according to a statement by Xinhua News Agency following a Politburo meeting on economic tasks chaired by Chairman Xi Jinping on Thursday.

The actions should ensure that fiscal measures supported large projects and maintained reasonable growth in monetary supply and financing to the economy, the statement said.

Measures must also be taken to further reduce the cost of raising capital. and also direct funds to manufacturing and small and medium enterprises (SMEs).

"China's development is still within strategic opportunities, but the opportunities and challenges have had new changes," the Politburo said. China must have supply-side reform as its main principle, deepen reform and the opening up of the economy and continue to boost domestic demand as a foundation point, it said.

China faces many medium-to-long-term challenges, and it must step up the formation of a new development framework of "having domestic cycles as the main body, complemented by international cycles," as well as medium-to-long-term epidemic-prevention and economic growth coordination mechanisms, the statement read.

The politburo also announced the fifth plenary session of the 19th party congress will be held in October and its agenda includes formulating the 14th five-year plan and the 2035 vision and goals.

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
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MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
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