Nation's leaders pledge further support for economy
Chinese leaders signalled on Tuesday that the stimulus measures needed to reach this year's economic growth target will be directed at consumers, pointing to a "batch of incremental policy steps" to boost domestic demand. The Politburo pledged at the end of its July meeting to pursue a "proactive" fiscal policy, and reiterated the need for a "prudent" monetary framework. Xinhua news agency reported "the meeting stressed that it is necessary to focus on boosting consumption to expand domestic demand, and the focus of economic policy should be more to benefit people's livelihood and promote consumption". It said policies should increase residents' income "through multiple channels" and enhance the "ability and willingness" of low- and middle-income groups to spend. It also said economic measures should improve elderly and childcare, and "weave a dense and solid social security net". No specific steps were announced, but the leadership gave instructions for a "timely launch [of] a batch of incremental policy measures". They also warned that "adverse effects brought about by current changes in the external environment are increasing", while there are "many risks and hidden dangers in key areas". Authorities have announced various measures in recent months to boost the economy. (Agencies)