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Ten measures of the Political Bureau promote steady economic development
The Political Bureau of the CPC Central Committee convened a meeting on July 30 to review the economic performance in the first half of the year and outline strategies for the second half. Despite two consecutive quarters of slower growth, the leadership remains confident in the long-term direction and overall stability of the Chinese economy. The meeting emphasized that the economy will maintain a generally stable trend in the coming months, with a focus on implementing ten key measures aimed at ensuring the successful completion of annual economic and social development goals.
It was noted that the main economic indicators in the first half of the year remained within the expected range, reflecting a solid start to the year's development. This aligns with the recent stance taken by the State Council regarding economic trends. It also signals that the central government is unlikely to adopt large-scale stimulus measures, instead focusing on targeted support for specific industries, promoting information consumption, and offering micro-level relief to small and medium-sized enterprises.
In the second half of the year, the economic strategy should emphasize steady progress while maintaining high-quality and efficient development. Macroeconomic policies need to remain consistent and stable, with timely adjustments made based on evolving conditions. The goal is to ensure a balanced and promising outlook. Efforts must be made to stabilize growth, adjust the economic structure, drive reforms, expand effective demand, promote industrial upgrades, deepen reform and opening-up, and improve people’s livelihoods, all to ensure the fulfillment of key economic and social development targets for the year.
In the first half of 2024, the GDP growth rate reached 7.6%, indicating that the annual target is on track to be met. For the second half, the goal is to sustain a growth rate of around 7.5%. To achieve this, the meeting proposed a series of measures, including continuing a proactive fiscal policy and a prudent monetary policy, revitalizing capital markets, optimizing resource allocation, improving the efficiency of fiscal spending, increasing financial support for the real economy, and making better use of available funds. It also called for actively stimulating effective demand, encouraging consumer upgrades, maintaining reasonable investment growth, advancing new urbanization centered on people, and ensuring the stable and healthy development of the real estate sector.