China's economy to maintain steady growth in H2

BEIJING - China's economy will maintain steady growth in the second half of this year amid "extremely complicated domestic and international conditions," according to the Political Bureau of the Communist Party of China (CPC) Central Committee.

The central authorities will continue to coordinate the tasks of stabilizing growth, restructuring the economy and promoting reforms, according to a statement released Tuesday after a meeting held by the Political Bureau of the CPC Central Committee.

The meeting was presided over by General Secretary of the CPC Central Committee Xi Jinping.

China's economy has been stuck in a protracted slowdown, easing to 7.5 percent in the second quarter from 7.7 percent in the first three months, as the government deliberately tamed down the pace to avoid bubbles.

China targets GDP growth of 7.5 percent and 3.5 percent growth in the Consumer Price Index (CPI), a main gauge of inflation. In the first half of the year, the CPI grew 2.4 percent, leaving room for economic rebalancing.

"Major economic indicators were within reasonable ranges in the first half of this year, and economic and social development enjoyed a good start," according to the statement.

The authorities said they believe the country is still in a period of strategic opportunity and enjoying the foundations of steady and healthy economic development, noting that "the economy will maintain steady growth in the latter half of the year."

The meeting also underlined risk awareness and the need to prepare for complex and difficult situations, as the world economy is experiencing a deep restructuring.

"Macro policy should be stable, micro policy should be flexible and social policy should support the bottom line. All of them should be coordinated," read the statement.

The direction, intensity and pace of the macro regulation should be managed well. The proactive fiscal policy and prudent monetary policy will remain, it said.