CHINA will adopt fiscal and monetary policies that prioritize job creation, as part of efforts to keep overall economic performance stable, according to a decision made at the State Council’s Executive Meeting.

The meeting, chaired by Premier Li Keqiang on Wednesday, also decided to better mobilize existing assets, broaden the channels for private investment and expand effective investment.

“The greater-than-expected impacts from the new round of COVID-19 resurgence and shifting dynamics in the international environment have added new downward pressure to the economy in April. It is imperative to stay confident, face difficulties and challenges squarely, and keep overall economic performance stable, to lay the foundation for coordinated progress on all fronts,” Li said.

The meeting stressed that fiscal and monetary policies should be employment-oriented. Tax refunds and breaks, deferred payment of social insurance premiums, reductions in financing costs and other measures should all focus on keeping the operation of market entities stable, keeping payrolls stable and keeping employment stable, to ensure basic livelihoods, stabilize growth and drive consumption.

Various policy tools will be further explored, and local authorities motivated with their due responsibilities well fulfilled, to effectively keep jobs and employment stable.

“We must attach high importance to the work of stabilizing employment. Various support policies should be effectively and speedily implemented to encourage and help enterprises to keep their payrolls stable. Local governments must step up to their responsibilities of supporting market entities and stabilizing jobs. Pro-job policies should be intensified with extended coverage,” Li said.

The meeting urged efforts to keep prices stable. China has sufficient supply of essential livelihood products. That said, work in this regard should not be taken lightly. Solid efforts are needed on grain production to ensure stable grain output and supply and strengthen the foundation for price stability. (Xinhua)