China's top leaders pledged to "adjust and optimize policies in a timely manner" for its beleaguered property sector, while elevating stable employment to a strategic goal, along with other pledges to boost domestic consumption demand and resolve local debt risks.
The July Politburo meeting typically sets the tone for China’s economic policies for the second half of the year, with market watchers eagerly awaiting firmer guidance on policy support for faltering growth in the world’s second-largest economy.
The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added.
A raft of disappointing economic data last week prompted renewed calls for policy support to bolster growth.
"While it signaled more support for the economy, the Politburo meeting generally fell short of offering large-scale stimulus," said economists at Barclays in a note late Monday.
Persons:
Xi Jinping
Organizations:
Communist, Xinhua, Barclays