China to step up policy support for economy, Xinhua cites politburo

BEIJING (Reuters) -China will step up policy support to stabilise the economy, Xinhua news agency quoted the Politburo, a top decision-making body of the ruling Communist Party, as saying on Friday.

China will implement a strategy to expand domestic demand, and promote steady growth in foreign trade and foreign investment, Xinhua reported, citing a Politburo meeting chaired by President Xi Jinping.

“We will step up the implementation of macro policies to stabilise the overall economy,” Xinhua said.

China will strive to achieve its economic and social targets for this year, Xinhua said.

China’s economy rebounded strongly from a pandemic-induced slump in 2020 but cooled over the course of last year as a property downturn hurt investment and strict measures to contain COVID-19 flare-ups weighed on consumer confidence and spending.

The Politburo discussed the 2022 government work report that will be submitted to the National’s People’s Congress, or the parliament, for deliberation, Xinhua said.

The annual parliament meeting will open on March 5, when Premier Li Keqiang will deliver the work report.

China aims to fend off systemic risks and safeguard financial stability, seeking to combine fighting corruption in the financial sector with preventing risks, Xinhua said.

The agency made no mention of Russia’s invasion of Ukraine, which rattled global financial markets, drove energy and commodity prices higher and heightened uncertainty about global economic outlook.

Chinese anti-corruption inspectors from the ruling Communist Party have uncovered a number of weaknesses and irregulatirites in the financial sector in a two-month investigation, Xinhua news agency said on Thursday.

(Reporting by Kevin Yao and Beijing newsroom; editing by John Stonestreet and Tomasz Janowski)