China will not resort to 'flood-like' stimulus: official

BEIJING, July 16 (Xinhua) -- China's top economic planner said Tuesday the country will not resort to "flood-like" stimulus policies as it pursues high-quality development.


(File Photo: VCG)

Meng Wei, a spokeswoman of the National Development and Reform Commission, made the statement after Monday's data showed the economy expanded 6.2 percent in the second quarter of the year, down from 6.4 percent in the first quarter.

Facing a complex environment both at home and abroad, the country will stick to high-quality development and boost market vitality through market-oriented reform and further opening up, Meng said.

It will also enhance domestic consumption and foster new growth drivers through innovation and industrial upgrading.

She reiterated the government's pledge that it will not introduce "flood-like" stimulus policies, but strive to prevent hidden debt risks of local governments.

The government will push forward the construction of major projects and boost private sector investment, she said.

Meng said the government will improve policy coordination and implementation to ensure the economy runs within a reasonable range.

To support weak links such as public services and infrastructure, the commission has approved the issuance of corporate bonds worth 364.72 billion yuan (53.09 billion U.S. dollars) in the first half of 2019, surging 131 percent from one year earlier.

Meng said the country will continue to encourage corporate bond issuance and make them play a bigger role in supporting the real economy.