|Xinhua File Photo
BEIJING, April 25 (Xinhua) -- China's economic growth in the first quarter was within a proper range, so the government will maintain continuity and stability of its macroeconomic policies, the top leadership announced on Friday.
Since the beginning of the year, the country has faced challenges and difficulties head on but the economy has generally had a good start, said a statement released after a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee.
CPC Central Committee's general secretary Xi Jinping chaired the meeting to discuss economic situation and related work.
"The economic situation was generally in line with the government's macroeconomic regulation and development outlook," the statement said.
China's economic growth slowed to a six-quarter low of 7.4 percent in the first quarter of the year, down from an annual figure of 7.7 percent in 2013.
Growth is within range, as the government set an expansion target for this year at around 7.5 percent.
Economic growth fundamentals remain unchanged and the country should coordinate the relations of stabilizing growth, promoting reforms, adjusting structure, improving livelihoods and preventing risks, the statement said.
"The country should maintain the continuity and stability of macroeconomic policies. Both fiscal and monetary policies will be kept steady to nurture expectation for sound development and a transparent macro policy environment," it said.
The government work report unveiled in March said the country will continue to implement a proactive fiscal policy and a prudent monetary policy.
While keeping macro policies stable, micro-level measures should be flexible with better social security measures, and timely adjustments should be made in accordance with changing conditions of the economy to realize economic and social development goals for the year, said the statement.x In the first quarter, economic growth was steady, the job market was generally sound, price levels remained stable, balance of payment situations improved and there were also positive changes in economic structure, said the statement.
Reforms in all respects were pushed forward in an orderly manner as set out in a landmark plan for deepening comprehensive reforms before 2020, the meeting pointed out.
However, downward pressures for economic growth still exist, with uncertainties in the external economic environment.
"Some difficulties cannot be underestimated and great attention should be placed on hidden risks," the statement said.
China will boost support for the real economy to offer a solid foundation for economic growth, according to the meeting.
The government will step up support for small and micro-firms,agricultural sectors and social causes.
"More efforts should be made to streamline administration and delegate powers to lower levels to build an equitable market environment," the statement said.
China will intensify efforts to accelerate economic restructuring, promote growth quality and efficiency, enhance production-related service sectors, upgrade and restructure the manufacturing sector, and promote the development of technology and equipment for environmental protection and cyclical use of resources.
The statement added that China should continue to support the development of western areas and the rejuvenation of old industrial bases, promote the coordinated development of Beijing, Tianjin and Hebei Province and timely implement the plan to build a new type of urbanization.
In mid-March, China unveiled a landmark urbanization plan for the 2014-2020 period in an effort to steer the country's urbanization onto a human-centered and environmentally friendly path.
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