China to step up policy support for stable economy

People wearing face masks walk past a street amid snowfall, following the outbreak of the coronavirus disease (COVID-19), at a shopping area in Beijing, China March 17, 2022. REUTERS/Tingshu Wang

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BEIJING, April 29 (Reuters) – China will step up macroeconomic policy support to stabilize the economy as nationwide COVID-19 outbreaks and war in Ukraine heighten risks, state media quoted the Politburo as saying. , a high-level decision-making body of the ruling Communist Party, as said on Friday.

China will adopt a set of policies to help industries and small businesses affected by COVID, the media added, citing a Politburo meeting chaired by President Xi Jinping.

“The COVID-19 crisis and Ukraine have brought increased risks and challenges. The complexity, severity and uncertainty of China’s economic development environment have increased,” the Politburo said.

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“The stabilization of growth, employment and prices faces new challenges. It is very important to do a good job in economic work and to effectively protect and improve people’s livelihoods.”

Financial markets have been hit hard over the past two weeks on fears that lockdowns in China could cause serious damage to its economy and derail a global recovery, just as many countries recover from the recession caused by the pandemic. .

However, the Politburo said authorities would continue to implement the controversial dynamic zero-COVID policy to control outbreaks while minimizing the impact on the economy.

China will strive to keep economic growth within a reasonable range and meet social and economic goals for 2022, the Politburo said.

“We need to speed up policy implementation, implement tax refunds, tax and fee reductions and other policies, and make good use of all kinds of monetary policy tools,” he said. he declared.

It will also support healthy development of the real estate market and ensure the stable functioning of capital markets, while guarding against systemic risks.

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Reporting by Kevin Yao and Beijing newsroom; Editing by Clarence Fernandez & Shri Navaratnam

Our standards: The Thomson Reuters Trust Principles.

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