CPC meeting stresses stability, progress in China's economic work

BEIJING - China will continue "seeking progress while maintaining stability" for its economic work in the second half of 2017, according to a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee Monday.

The meeting, presided over by Xi Jinping, general secretary of the CPC Central Committee, stressed that China will implement a proactive fiscal policy and prudent monetary policy with supply-side structural reform as the main theme in the latter half of the year.

Authorities will maintain the continuity and consistency of policies to ensure stable and healthy economic development, push forward supply-side structural reform and guard against systemic financial risks, according to a statement released after the meeting.

The meeting affirmed China's economic performance in the first half of this year, which has been running in a proper range with expectation-beating economic indicators and steady improvement in urban employment.

For the second half of this year, leaders at the meeting called for better handling of the relationship between stability and progress, as well as the balance, timing and intensity of the country's economic work.

The meeting pledged firm measures to push for progresses on excess capacity cuts, inventory reduction, deleveraging, relieving corporate burdens and fixing weak links, and more efforts to deal with "zombie enterprises," or unprofitable firms burdened by debt, mismanagement or overcapacity.

Work should also be done to defuse local government debt risks, regulate financing activities of local authorities and curb the growth of hidden debt. Meanwhile, financial regulation will be strengthened to make the financial sector better serve the real economy, the statement said.