China will continue proactively attracting foreign investment and safeguarding the legitimate interests of foreign-invested businesses as part of an effort to shore up the economy, the top leadership of the Communist Party of China decided Wednesday.
The meeting, chaired by Xi Jinping, general secretary of the CPC Central Committee, also stressed making greater strides in reform and opening up, effectively coping with changes in the outside economic environment, and ensuring stable economic performance.
The country will unwaveringly promote high-quality development and ensure good implementation of a proactive fiscal policy and prudent monetary policy, according to a statement released after the meeting of the Political Bureau of the CPC Central Committee.
The meeting also highlighted the importance of remaining committed to the general principle of pursuing progress while ensuring stability and the main task of furthering supply-side structural reform.
Efforts to stabilize employment, the financial sector, foreign trade and investment will be the priority, the statement said, adding that the stability of investment and market expectations will also be key.
The statement said the economy has seen changes amid overall stability, and there is increasing downward pressure. Some businesses are faced with difficulties in operations, and risks that have been accumulating have become more evident, it added.
China’s GDP growth eased to 6.5 percent year on year in the third quarter, the lowest in nearly 10 years, according to the National Bureau of Statistics. Foreign direct investment in China grew 2.9 percent year on year in renminbi terms and 6.4 percent in dollar terms in the first nine months. The service sector contributed 60.8 percent of GDP growth in the first three quarters, 1.8 percentage points higher than in the first half.
The statement noted that the current economic situation is driven by both long-term and short-term, and domestic and external factors. The economy is undergoing a transformation from high-speed growth to high-quality growth. The outside environment has undergone profound changes and some policies have yet to take effect.
There will be no vacillation in consolidating and developing the public sector or in encouraging, supporting and guiding nonpublic sector development, the statement said. Authorities will step up efforts to solve difficulties faced by private businesses and small and medium-sized businesses.
While presiding over a symposium on private enterprises Thursday, Xi stressed again that China will support private enterprises to develop towards a broader stage.