Photo taken on April 9, 2020 shows the Lujiazui area in east China's Shanghai. (Xinhua/Chen Fei)
BEIJING, May 3 (Xinhua) -- In the face of mounting uncertainties, a key meeting of China's top decision-makers offers a dose of confidence for the world's second largest economy.
The Political Bureau of the Communist Party of China Central Committee on April 29 held a meeting to analyze the current economic situation and economic work, vowing to step up policy support to stabilize the economy.
The meeting addressed key issues, including the real estate market, the stock market as well as the platform economy, while pledging efforts to keep the economy running within a reasonable range.
Following the meeting, the Chinese A-share market responded with a long-awaited rebound, with the benchmark Shanghai Composite Index closing 2.41 percent higher, after bearish sentiment during the week sent the index below 3,000 points.
"The meeting came at a pivotal moment, sending a positive signal to stabilize expectations, foreign investment and development," said Teng Tai, director of WANB Institute, a think tank.
The Chinese economy is faced with growing complexities and uncertainties due to the resurgence of COVID-19 and the ongoing Ukraine crisis, as policymakers look to keep growth, employment and prices stable.
The economy grew by 4.8 percent year on year in the first quarter of this year as resurgences of the epidemic raged across the country.
Policymakers have rolled out a series of measures to shore up growth. To lower the financing costs for the real economy, the country's central bank recently cut the reserve requirement ratio for financial institutions, while setting up special reloans to support sectors including sci-tech innovation and elderly care.
Friday's meeting called for faster implementation of policies that had already been arranged, noting that various monetary tools should be utilized well.
The meeting also shed light on the country's pivotal real estate sector, reiterating the principle that "housing is for living, not for speculation" while calling for efforts to improve real estate policies based on local realities.
Zhong Zhengsheng, an economist with Pingan Securities, said that housing restrictions in more cities are likely to be adjusted, while loans to real estate developers may ease pressure on their cash flow.
The meeting also demanded answering the demands of foreign enterprises for a convenient business environment while vowing to roll out specific measures to support the standardized and healthy development of the platform economy. ■
