China will keep its economic growth within a reasonable range in 2020 with more effective policies that address risks, the Communist Party of Political Party said on Friday.
The growth of the Chinese economy slowed to 6 percent, the lowest level in nearly 30 years, in the third quarter of this year and may continue to decline in the fourth quarter, but it remains on a path towards achieving the minimum range of government targets for the whole year, which ranges from 6.0 to 6.5 percent.
China is committed to building a “moderately prosperous society” by the end of 2020, adding that it is a goal to be achieved, according to the official Xinhua news agency, citing a political bureau meeting chaired by President Xi Jinping.
“We must succeed in converting external pressure into a driving force capable of deepening reforms and opening-up.”
The Political Bureau said that the government will use tools to deal with fluctuations, will implement supply-side reforms and achieve the targeted levels to combat pollution and mitigate the risks to the financial sector.
Beijing has launched a package of measures to support the economy this year including bank lending interest rates, tax cuts and more infrastructure spending to stave off a sharp downturn in the economy. More steps are expected to be taken to boost growth.
The Political Bureau stressed that China’s economy remains stable and that the fundamental trend of long-term improvement will not change in the foreseeable future.