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China will make great efforts to consolidate its economic recovery particularly in the crucial third quarter, putting a priority on stabilising employment and prices, the State Council said at a regular meeting on Friday, reported the state broadcaster CCTV.
“We will make great efforts to consolidate the foundation of economic recovery, strive to stabilise the economy and keep the economic operation within a reasonable range, give priority to ensuring the achievement of the goal of stabilising employment and prices,” it said.
There remains considerable room for policies, such as financing instruments via policy banks, to play a role in boosting investment, the cabinet was quoted as saying.
Earlier this year, in order to fund infrastructure projects and support growth, authorities have given policy banks 800 billion yuan ($118 billion) in new credit quotas and allowed them to issue 300 billion yuan in bonds.
Local governments were urged to speed up construction of infrastructure projects and create job opportunities for migrant workers, it said.
Premier Li Keqiang said at the meeting that consumption should remain a major driving force for China’s the economic growth and the country will support financial institutions to make flexible arrangements for consumer loans affected by the Covid outbreaks.
China will take one-city-one-policy approach to promote steady and healthy development of the real estate market, make sure the “rigid housing demand” is met and reasonably support upgrade housing demand, he said.
The country will introduce specific measures to support healthy development of the platform economy and make the sector play its role in creating jobs and boosting consumption, Li said
He added that China will step up financial support for imports and exports.