China economy: Politburo vows new tools, refined policies will help address coronavirus-induced turmoil
- China’s economy has been hit hard by waves of the coronavirus, prompting leaders to push for timely tax cuts and other support policies
- Signs suggest that Beijing is keen on loosening its tight grip on internet firms and property developers
The top leadership vowed on Friday to speed up the implementation of existing tax-cut and supportive policies, as well as the use of new monetary policy tools and effective investment, while also refining regulatory policies, according to a statement following a quarterly economic meeting of the 25-member Politburo, the centre of power within the Communist Party headed by President Xi Jinping.
Specifically, the widely watched Politburo meeting said that leadership will actively respond to the concerns and appeals of foreign investors, which have been greatly affected by fresh waves of coronavirus outbreaks that began last month.
The meeting also showed signs that leaders may be keen on loosening their tight controls on internet firms and property developers.
“The pandemic has to be contained, the economy should be stabilised, and the development should ensure security,” the statement following the meeting said.