Meeting led by general secretary outlines ways to facilitate growth
China will continue proactively attracting foreign investment and safeguarding the legitimate interests of foreign-invested businesses as part of an effort to shore up the economy, the top leadership of the Communist Party of China decided on Wednesday.
The meeting, chaired by Xi Jinping, general secretary of the CPC Central Comittee, also stressed making greater strides in reform and opening-up, effectively coping with changes in the outside economic environment and ensuring stable economic performance.
The country will unwaveringly promote high-quality development and ensure good implementation of a proactive fiscal policy and prudent monetary policy, according to a statement released after the meeting of the Political Bureau of the CPC Central Committee.
The meeting also highlighted the importance of remaining committed to the general principle of pursuing progress while ensuring stability and the main task of furthering supply-side structural reform.
Efforts to stabilize employment, the financial sector, foreign trade and investment will be the priority, the statement said, adding that the stability of investment and market expectations will also be key.
The statement said the economy has seen changes amid overall stability, and there is increasing downward pressure. Some businesses are faced with difficulties in operations, and risks that have been accumulating have become more evident, it added.
China's GDP growth eased to 6.5 percent year-on-year in the third quarter, the lowest in nearly 10 years, according to the National Bureau of Statistics. Foreign direct investment in China grew 2.9 percent year-on-year in renminbi terms and 6.4 percent in dollar terms in the first nine months.
The service sector contributed 60.8 percent of GDP growth in the first three quarters, 1.8 percentage points higher than in the first half.
The statement noted that the current economic situation is driven by both long-term and short-term, and domestic and external factors. The economy is undergoing a transformation from high-speed growth to high-quality growth. The outside environment has undergone profound changes and some policies have yet to take effect.
There will be no vacillation in consolidating and developing the public sector or in encouraging, supporting and guiding nonpublic sector development, the statement said. Authorities will step up efforts to solve difficulties faced by private businesses and small and medium-sized businesses.
The long-term healthy development of the capital market will be promoted, with efforts focusing on reforms to stimulate market vitality and improve the system.
The statement also highlighted the importance of a successful hosting of activities commemorating the 40th anniversary of China's reform and opening-up and the first China International Import Expo.
It is also important to ensure the public's livelihood during the winter, especially the heating supply for the people, and see to it that the salaries of migrant workers are paid on time and in full, it said.