China will spur domestic demand and consolidate and enhance the economic recovery in 2024, the Politburo, a top decision-making body of the ruling Communist Party, was quoted by state media as saying on Friday.

China will continue to implement a proactive fiscal policy, which will be moderately strengthened, and implement a prudent monetary policy, which will be "flexible, moderate, precise and effective", state media quoted the Politburo as saying.

The meeting, which was chaired by President Xi Jinping, also said the country will enhance the consistency of macroeconomic policies, Xinhua News Agency reported.

China will "effectively enhance economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the positive trend of economic recovery, continue to promote the effective improvement of quality and reasonable growth of the economy," Xinhua said.

"Efforts should be made to expand domestic demand and form a virtuous cycle of mutually promoting consumption and investment. We need to deepen reforms in key areas and continuously inject strong impetus into high-quality development."

Separately, President Xi said in a meeting with non-Communist Party representatives held on Wednesday that the country's economic recovery is still at a critical stage.

He said the country's development faces challenges, both internally and externally, and that he hopes different groups could offer advice to promote high-quality development, help expand domestic demand, and prevent and resolve risks.

Most analysts believe China's growth is on track to hit the government's target of around 5 percent this year, but that compares with a Covid-weakened 2022 and activity remains uneven.

The Politburo also studied plans for anti-corruption work and reviewed regulations on party disciplinary action, Xinhua said. (Reuters)