Govt to tackle financial risks as market confidence increases

China's economy is growing at a stronger rate and the government will focus on pushing structural reforms and curbing systemic financial risks in the second half of the year, a senior official at China's top economic policy body said on Thursday.

Deputy head of the Office of the Central Leading Group on Finance and Economic Affairs, Yang Weimin, said that the fundamentals of the Chinese economy remain solid and corporate and market confidence has improved.

Yang stressed that the government's major tasks in the second half of the year include resolving risks associated with local government debt, addressing chaotic activities in financial markets and stabilizing the property market, as well as private and foreign investment.

China's industrial profit grew 22 percent in the first half of the year, much faster than the 8.5 percent increase in 2016, according to the National Bureau of Statistics.

Yang said that the government will maintain the stability of its macro-economic stance with a proactive fiscal policy and prudent monetary policy to stimulate growth in the second half of the year.

Contact the writer at lixiang@chinadaily.com.cn