CHINA’S top leaders pledged to expand domestic consumption and support the private sector, the latest in a series of attempts to boost confidence in the country’s economy.

The State Council promised to meet annual economic targets via “targeted and forceful” macroeconomic adjustments and strengthened policy coordination, China National Radio reported Thursday, citing a plenary meeting led by Premier Li Qiang on Wednesday.

Li pledged to “strengthen confidence and maintain determination” on economic work, and said the economy has rebounded to lay a good foundation for achieving full-year targets.

The language signals authorities will “avoid giving a strong dose of policy or flood the economy with stimulus,” said Bruce Pang, chief economist for greater China at Jones Lang LaSalle Inc.

Li also called for more effort to boost domestic demand and consumption, including big-ticket purchases, though no specific new measures were announced. He also promised to prevent “major risks” and deepen reforms in State-run sectors.

“Overall policy direction is largely reiteration, so adjustments will only be made to specific measures,” said Xing Zhaopeng, a senior China strategist at Australia & New Zealand Banking Group Ltd.

The central bank Tuesday cut a key interest rate by the largest amount since 2020, as authorities worked to shore up growth and speed the recovery. But officials have so far resisted rolling out major stimulus efforts in the economy.

Stimulus in previous downturns sent housing prices and debt levels in the economy soaring. Officials don’t want a repeat of that result.            (SD-Agencies)