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Tuesday, July 26, 2016, 22:40

China must focus on supply-side reform

By Xinhua

BEIJING - As China's economy faces continued downward pressure and settles into a "new normal" stage, supply-side structural reform becomes ever more important, according to a statement released by the Political Bureau of the Communist Party of China (CPC) Central Committee after meeting Tuesday.

China's economy held steady in H1, and supply-side structural reform has seen progress, noted the statement.

"However, the downward pressure facing the economy remains, and potential risks deserving attention still exist," it noted.

The statement underlined the importance of proactive fiscal policy and prudent monetary policy, as well as the careful managment of the speed and direction of macro-economic policy.

China's GDP expanded 6.7 percent in Q2, the lowest growth rate since the global financial crisis in early 2009.

The economy is widely expected to follow an L-shaped path as downward pressure continues and new growth momentum yet to pick up.

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