China’s Politburo: Will lower RRR, implement forceful interest rates cut
China’s Politburo, the country’s top leadership, held a meeting on Thursday, with the key highlights noted below.
Analysed current economic situation and work, plan for future economic works.
Will step up the force of counter-cyclical adjustments of fiscal and monetary policies.
Fundamentals of china's economy and the favorable conditions such as broad market, strong economic resilience and great potential have not changed.
Will ensure necessary fiscal spending.
Will increase the income of low- and middle-income groups and improve the consumption structure.
Will strive to achieve full-year economic, social development targets and tasks.
At present, there are some new conditions and problems in economic operation.
The quality of real estate market should be improved, and 'white list' project loans should be increased.
Will make efforts to stop the falls in property market to get it stabilised.
Will strictly control the new amounts of commercial homes construction.
Will increase efforts to attract and stabilize investment.
Necessary to support and regulate the development of social forces in the old-age care and childcare industries.
Will pay close attention to improving the system of childbirth support policies.
Will strive to stimulate capital market, make great efforts to guide mid- to long-term capital enter the market.
Will attract and stabilize investment, step up the promotion and implementation of reform measures such as foreign investment access in the manufacturing sector.
Will focus on employment of key groups such as fresh college graduates, rural migrant workers.
Will study and roll out policy measures to protect small and medium-sized investors.
It is necessary to do a good job in ensuring the supply and stable prices of food, water, electricity, heat, and other important materials.
Will introduce private economy promotion law to create positive environment for non-public sector economic development.
Market reaction
The Australian Dollar is holding higher ground following these Chinese headlines, with AUD/USD adding 0.43% on the day to trade near 0.6850, as of writing.
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