CHINA will not change its real estate policies to provide short-term stimulus to the economy, but instead will make fiscal policy more effective and “keep liquidity reasonably ample” in the second half of this year, a top leadership meeting was told Tuesday.

China will adhere to the principle of “housing is for living in, not for speculation,” implement the long-term mechanism to maintain the sound development of the real estate market, and not use real estate as a short-term means of stimulating the economy, according to the meeting of the Political Bureau of the Communist Party of China Central Committee. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

China will continue to implement the proactive fiscal policy and the prudent monetary policy. Fiscal policy should be strengthened and policies of cutting taxes and fees should be further implemented. China will keep its monetary policy neither too tight nor too loose while maintaining market liquidity at a reasonable level, according to a statement released after the meeting.

The Chinese economy maintained the steadily advancing momentum in the first half of 2019, with the main macroeconomic indicators remaining in the reasonable range, according to the statement.

The country has witnessed increasing positive factors behind its high-quality development, according to the meeting.

As the Chinese economy faces new risks and increasing downward pressure, the country should focus on long-term trends and key issues so as to turn crises into opportunities, the statement said.

China will maintain the basic tune of “seeking progress while maintaining stability” for its economic work and continue to promote supply-side structural reform.

More efforts should be made to deepen the supply-side structural reform, lift the level of the industrial chain, expand the domestic market, stabilize manufacturing investment and accelerate the construction of new types of infrastructure, such as information networks, said the statement.

The country will take measures to support the development of private enterprises, accelerate the clearing of “zombie enterprises,” effectively handle trade frictions and keep employment, the financial sector, foreign trade, foreign and domestic investments, and expectations stable, according to the meeting.

China’s opening up will be expanded and major opening-up policies will be further implemented. The financial supply-side structural reform will be advanced and financial institutions should be encouraged to increase medium- and long-term financing to the manufacturing industry and private companies.

The meeting also required solid implementation of pro-employment policies with a particular focus on ensuring the employment of college graduates, migrant rural workers and veterans.(SD-Xinhua)