As Beijing attempts to find the right policy mix to shore up economic activity, a policy meet of the Communist Party on Thursday endorsed targeted control measures.
“The top leadership on Thursday said that China’s economic growth in the first quarter was conforming to expectations amid downward pressure on the economy, pledging to maintain continuity and stability of macro policies to ensure growth stay within a proper range,” Chinese news agency Xinhua quoted an official statement at the end of the meeting.
“There appeared new growth impetus in the Chinese economy in the first quarter,” it added.
The Politburo, a decision-making body of the ruling Chinese Communist Party, met under President Xi Jinping, on Thursday in Beijing. Chinese leaders have repeatedly emphasized the need for slower but better-quality growth.
“China will step up targeted control measures, and timely pre-tune and fine-tune policies to combat the downward pressure,” the Politburo statement noted.
China’s gross domestic product (GDP) grew an annual 7.0 per cent in the first quarter, slowing from 7.3 per cent in the fourth quarter of 2014.
Chinese leaders, while emphasizing the need for slower but better-quality growth, have made clear they would not tolerate widespread job losses, a danger that is stalled for now with strong employment figures.
China’s urban unemployment rate stood at 4.05 per cent at the end of March, little changed from 4.1 per cent at the end of 2014.
TBP and Agencies