China focused on economic stability ahead of Party Congress this year: Xinhua

BEIJING (Reuters) – China must maintain stable economic development and social harmony this year as the country and Communist Party look to ensure a successful party congress, state media said, citing a statement after a top party meeting on Tuesday (Feb 21).

To meet economic targets this year, China should stabilise and improve macroeconomic policies, while maintaining a proactive fiscal policy and prudent monetary policy, the Xinhua news agency cited a meeting of the Politburo, presided over by President Xi Jinping, as saying.  

Top leaders said in December monetary policy would be kept “prudent and neutral” in 2017 as they looked to a path of stable and healthy growth.  

The 19th Party Congress, expected to be in the autumn, will see Xi look to further cement his grip on power.

“We must proactively expand opening up to create new advantages in international cooperation and competition,” Xinhua cited those at the meeting as saying.  

China’s economy grew 6.7 per cent last year, one of the fastest rates in the world, but it faces risks from rising debt and growing asset bubbles, which leaders have vowed to address this year.