The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Thursday to analyze and study the current economic situation and make further arrangements for economic work.
Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.
The Chinese economy has posted generally stable performance this year, making progress while ensuring stability, it was agreed at the meeting.
Solid progress has been made in developing new quality productive forces, ensuring people's wellbeing, forestalling and defusing risks in key areas, advancing high-quality development, and maintaining social stability, it said.
It was noted at the meeting that the fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged.
It is necessary to take a comprehensive, objective and calm view of the current economic situation, face the difficulties squarely and remain confident, said the meeting.
The country should effectively implement existing policies, step up efforts to roll out incremental policies, further make policy measures more targeted and effective, and strive to accomplish the targets and tasks for this year's economic and social development, according to the meeting.
The meeting stressed the need to issue and make good use of ultra-long special treasury bonds and local government special-purpose bonds to better leverage the driving role of government investment.
It is imperative to lower the reserve requirement ratio and implement impactful interest rate cuts, the meeting said.
Efforts will be made to stabilize the property market and reverse its downturn, the meeting said, calling for restricting the construction of new homes, improving construction quality, stepping up loan support for "white list" projects, adjusting the policy of housing purchase restrictions, and lowering interest rates on existing mortgage loans.
It also urged efforts to promptly improve land, fiscal, tax and financial policies, and promote the establishment of a new model for real estate development.
The meeting called for efforts to boost the capital market, vigorously guide medium and long-term funds to enter the capital market, and clear the obstacles for social security, insurance, and wealth management funds to invest in the capital market.
Mergers, acquisitions and restructuring of the listed firms will be supported, the meeting noted, urging efforts to steadily advance the reform of publicly-offered funds, and mull over and introduce policy measures to protect small and medium-sized investors. The meeting underlined the necessity to roll out a private economy promotion law and foster a favorable environment for the development of the non-public sector.
It stressed the need to move in lockstep to promote consumption and improve people's livelihood, increase the incomes of middle and low-income groups, improve the consumption structure and foster new forms of consumption.
The meeting called for efforts to support and standardize social forces in developing elderly care and childcare industries, and to refine pro-childbirth policies.
It urged efforts to advance and implement reform measures regarding the market access of foreign capital to the manufacturing sector, and further optimize a first-rate business environment that is market-oriented, law-based and internationalized.
The meeting stressed prioritizing employment support for key groups such as fresh college graduates, rural migrant workers, individuals just lifted out of poverty, and zero-employment households.
Assistance will be stepped up for those facing difficulties in securing jobs, including old-age individuals, people with disabilities, and those unemployed for a long time, the meeting said, adding that more assistance will also be provided to low-income population.
The meeting also underlined the significance of agricultural production in autumn and winter to ensure national grain security.
Xi chairs CPC leadership meeting to analyze economic situation, arrange for economic work
