China: There are still many difficulties and problems in economic operations

Following its meeting today, China’s ruling Communist Party’s top decision-making body released a statement, via state news agency Xinhua, that read "while fully affirming the achievements, we should clearly see that there are still many difficulties and problems in economic operations."

Key quotes

The external economic environment is generally tightening and the domestic economy is under downward pressure.
China will implement counter-cyclical adjustments in a timely and appropriate manner, while the pro-active fiscal policy will become more forceful and effective, and the prudent monetary policy will be neither too tight nor too loose.
Government will effectively support the private economy and the development of small- and medium-sized firms.
Authorities will strike a balance between stabilising economic growth, promoting reforms, controlling risks and improving people's livelihoods.
Will push forward structural deleveraging and prevent speculation in the property market.
We should adhere to the orientation that houses are used for living, not for speculation.

Source: Reuters.

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