China to maintain policy support for economy as ‘pressure’ and difficulties continue GlobeBusiness
China will maintain policy support for the economy, which still faces “downward pressure” and difficulties after better-than-expected first quarter growth, a top decision-making body of the Communist Party said on Friday.
“While fully affirming the achievements, we should clearly see that there are still many difficulties and problems in economic operations,” the official Xinhua News Agency reported, citing a politburo meeting chaired by President Xi Jinping.“The external economic environment is generally tightening and the domestic economy is under downward pressure.”
For this year, the government has unveiled tax and fee cuts amounting to 2 trillion yuan to ease burdens on firms, while the central bank has cut banks’ reserve requirement ratios five times since early 2018 to spur lending.On Friday, the politburo reiterated that the government will effectively support the private economy and the development of small- and medium-sized firms.
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