China Pledges to Maintain Stability of Macro Policy

China's economic recovery isn't solid and remains uneven, a top decision-making body of the ruling Communist Party said Friday, vowing to keep economic operations "within a reasonable range" and maintain stability in macroeconomic policies for this year and next.

The Politburo said it will aim to keep liquidity reasonably ample, stabilize the Chinese yuan and maintain steady commodity prices, state news agency Xinhua reported.

The government will roll out rules on cuts to carbon emissions soon and seeks to "resolutely curb the blind development of projects with high energy consumption and high pollution," Xinhua reported, quoting the Politburo meeting.

The meeting, chaired by President Xi Jinping, also addressed the need to improve the regulatory system for companies listing overseas and step up the supervision of overseas-listed firms, amid the country's crackdown on the technology sector.

"[The government] will implement the three-child policy and improve supporting policies on fertility, parenting and education," according to the Politburo.

In May, Beijing said it will allow each couple in the country to have up to three children, compared with its previous two-child limit, in response to a significant drop in the country's birth rate and the aging population.

Meanwhile, Chinese authorities have started tightening rules on the after-school tutoring industry to ease pressure for students and lower parents' extra educational costs--an effort to boost the country's birth rate, according to the new policies issued in recent weeks.

The Politburo meeting also reiterated the principle that "houses are for living in, not for speculation" and emphasized the need to develop a rental housing system amid efforts to curb speculation.

Write to Singapore Editors at singaporeeditors@dowjones.com


  (END) Dow Jones Newswires
  07-30-21 0609ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.