Asia

China to keep 2020 growth within reasonable range: Politburo

BEIJING: China will keep its economic growth within a reasonable range in 2020, with more "forwarding-looking, targeted and effective" policies that also fend off risks, a top decision-making body of the ruling Communist Party said on Friday (Dec 6).

China's economic growth cooled to a near 30-year low of 6 per cent in the third quarter, and could slip further in the fourth, but remains on track to meet the lower end of the government's full-year target of 6-6.5 per cent.

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China has committed to building a "moderately prosperous society" by the end of 2020. It is a target the country must achieve, state news agency Xinhua reported, citing a politburo meeting chaired by President Xi Jinping.

But the country remains locked in negotiations with the United States to ink an interim "phase one" trade deal to de-escalate a 17-month-long dispute that has led to tit-for-tat tariffs.

"We must … be good at turning external pressures into a powerful driving force for deepening reforms and opening up," the remarks carried by Xinhua said.

The government will employ counter-cyclical tools, pursue supply-side reforms, meet anti-pollution targets and mitigate against systemic financial risk, the politburo said.

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Beijing has launched a raft of economic support measures so far this year, including reductions in bank lending rates, tax cuts and more infrastructure spending, to ward off a sharp deceleration in the economy. Further steps to bolster growth are expected.

The politburo said China will adhere to a policy framework that keeps macro policies stable and micro policies more flexible.

Top leaders are due to map out more specific and detailed economic and reform targets and plans for 2020 during an annual Central Economic Work Conference later this month.

"In our view, policymakers willRead More – Source