A Politburo meeting held on Thursday set out priorities for the world's second-largest economy in the second half of 2026.

President Xi Jinping, who is also general secretary of the Communist Party of China (CPC) Central Committee, presided over the meeting.

It analysed and studied the current economic situation and made arrangements for economic work in the second half of the year, according to Xinhua News Agency.

GDP growth in the first half reached 4.7 percent, and Beijing has set a full-year growth target of 4.5 - 5 percent.

The Politburo meeting noted that since the beginning of this year, the economy has shown a trend characterised by new growth drivers and improving economic structure, Xinhua reported.

The meeting emphasised the need to attach great importance to the challenges in economic operations, maintain confidence, meet difficulties head-on, and make good use of various opportunities and advantages to promote steady and sustained high-quality development.

Policymakers vowed to step up efforts to boost domestic demand, as part of efforts to boost GDP growth.

Efforts to fight "involution", or unhealthy competition among domestic brands, were also discussed.

The meeting also emphasised accelerating fiscal spending and adopting "incremental policies" that boost growth.

The country must "accelerate the pace of fiscal expenditure," the meeting heard.

Policymakers highlighted the need to create a strong start for the 15th Five-Year Plan period from 2026 to 2030.

The Politburo meeting also decided that the fifth plenary session of the 20th CPC Central Committee will be held in Beijing in October, with party self-governance high on the agenda. (Agencies)



Edited by Edmond Fong