July 26 (Reuters) - China pledged to step up stimulus measures as the economy faces what it described as "new" difficulties and a "tortuous" recovery, following a meeting of the powerful politburo of the ruling Communist Party this week.
Below are the key takeaways from the official readout of the meeting on the direction China's economic policy will take in the second half of 2023, which left many issues unaddressed.
PROPERTYThe politburo removed a key phrase from the readout of its meeting in April, that cited President Xi Jinping as saying "houses are for living, not for speculation," sparking a rally in the shares of battered property firms.
While markets are expecting further easing of property market regulations to slow the giant sector's downturn, the politburo flagged a "city-based" approach rather than nationwide changes.
HOUSEHOLD CONSUMPTIONThe politburo reiterated it wants to turn it into a key driver of growth.
Persons:
Xi Jinping, meeting's, Marius Zaharia, Lincoln
Organizations:
Communist Party, Investors, Beijing bailouts, Thomson
Locations:
China, Beijing