China cabinet vows to strengthen stock market stability mechanisms
China's State Council, chaired by Premier Li Qiang, has pledged to improve market stabilisation mechanisms and enhance the inherent stability of the stock market, while also addressing local government debt and risks in small financial institutions.
China's State Council, chaired by Premier Li Qiang, has pledged to improve market stabilisation mechanisms and enhance the inherent stability of the stock market to promote the steady and healthy development of capital markets, according to a meeting summary. The meeting also called for continued efforts to mitigate risks in areas such as local government debt and small financial institutions.
The official Xinhua News Agency, citing the evening broadcast of China Central Television, reported that the meeting stressed the need to solidly advance the implementation of various policies to ensure the completion of the year's main economic and social development targets. It also urged careful study of the economic work plan for next year and strengthening cross-year policy linkages to sustain economic improvement.
The meeting called for sustained efforts in key areas, including accelerating the construction progress of major projects and the so-called 'six networks'. It also urged support for enterprises to expand investment in equipment upgrades and intangible assets, and to strengthen online-offline and urban-rural consumption linkages to facilitate a virtuous cycle between investment and consumption.
At the same time, the meeting emphasised the need to make full and effective use of various policy funds, ensuring timely and full disbursement of various payments to grassroots units and enterprises, to better leverage the combined fiscal and financial policy effects that boost domestic demand.
The meeting also said that solid work should be done in areas such as maintaining employment stability, preventing risks, and ensuring people's livelihoods. It called for strengthened employment services for key groups, and for providing employment support to graduates from families that have been lifted out of poverty, low-income families, and zero-income families.