Chinese leadership analyzes economic situation, reviews disciplinary inspection report

BEIJING -- Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Thursday presided over a meeting of the Political Bureau of the CPC Central Committee to analyze the current economic situation and arrange economic work for the second half of the year.

Since the beginning of this year, China has effectively coordinated COVID-19 prevention and control with economic and social development, with positive results seen and new achievements made on the two fronts. The whole country has made arduous efforts, and these achievements deserve full recognition, the meeting said.

At the same time, China's current economic performance is facing some prominent challenges, the meeting pointed out, calling for maintaining strategic focus and running China's own affairs well.

For the second half of 2022, the meeting urged efforts to consolidate the upward trend of economic recovery, keep employment and prices stable, keep the economy running within an appropriate range, and strive for the best possible outcome.

Efforts are needed to efficiently coordinate COVID-19 prevention and control with economic and social development, the meeting said.

A comprehensive, systematic, long-term and, in particular, political perspective should be used to view the relationship between COVID-19 prevention and control and economic and social development, the meeting stressed.

It reiterated the importance of unswervingly adhering to the country's dynamic zero-COVID policy, calling for the immediate and strict implementation of prevention and control work when an outbreak occurs, and warning against slackness and weariness.

The orderly operations of major functions that affect China's economic and social development should be ensured, the meeting noted.

It stressed that macro policies should play an active role in expanding demand, and fiscal and monetary policies should effectively make up for the lack of social demand.

Monetary policies should seek to ensure reasonably sufficient liquidity, credit to firms should be boosted, and new loans from policy banks and investment funds for infrastructure construction should be better leveraged, the meeting said.

Efforts should be made to improve the stability and international competitiveness of China's industrial and supply chains, and ensure smooth logistics, it noted.

It stressed the need to guard the bottom line of safety on all fronts. China should strengthen its food security guarantee and improve its capacity to ensure energy and resource supplies.

The meeting called for work to ensure the real estate market remains stable, adhering to the principle that "houses are for living in, not for speculation." Support will be offered to meet the rigid and upgraded demand for housing, ensure the completion of houses under construction, and guarantee people's livelihoods.

Efforts should also be made to maintain the overall stability of the financial market, properly defuse risks within certain local rural banks, and crack down on financial crimes.

The meeting stressed the important role of reform and opening-up in boosting economic development.

China will promote the well-regulated, healthy and sustainable development of the platform economy, complete the rectification of the sector, carry out regular supervision, and roll out a batch of "green-light" investment cases.

Work should be done to ensure people's livelihoods, with priority given to the basic needs of people facing various difficulties and to college graduates and other key groups as they seek employment, according to the meeting.

The country should give full play to the initiative of enterprises and entrepreneurs, and create a sound policy and institutional environment for enterprises of different ownerships.

The meeting also reviewed a report on the ninth disciplinary inspection of the Party's 19th Central Committee.

The Party's Central Committee has conducted the ninth round of disciplinary inspection focusing on central Party and government departments, fulfilling the requirement of a full coverage of disciplinary inspection within its term of office as is stipulated in the Party Constitution, according to the meeting.

It was stressed at the meeting that central Party and government departments should play exemplary roles in addressing the problems detected during the course of the inspection.

The meeting also noted that the results of the inspection should serve their intended purposes in a comprehensive manner, calling for deepened efforts to address both the symptoms and the root causes of any problems, and enhanced institutional construction to constantly improve the working capabilities and skills of central Party and government departments.

Other matters were also discussed at the meeting.