China's Politburo turns to 'tried and tested' playbook to spur growth through investment, property
Leadership meeting points to subtle shift in priority from reform to growth amid signs that the economy is slowing, commentary says
Beijing will turn to tried and trusted ways to stabilise the country's slowing economy - by boosting investment and stimulating the property market, according to the ruling Communist Party's top leadership.
In a statement after a meeting on Thursday, the Politburo, which sets national policy, stressed the need to strike a fine balance between the competing needs of "stabilising growth, promoting reforms, adjusting structure, benefiting people's livelihood and preventing risk".
A "long-term mechanism" to ensure healthy development of the property sector would also be established, the Politburo said.
The phrasing toed official lines adopted since last year, but commentaries carried by party mouthpiece said there would be a subtle change of focus from economic restructuring to growth stabilisation.
The statement came after a slew of disappointing economic data. Gross domestic product grew at 7 per cent in the first quarter, the slowest growth rate in six years, generating fears that the world's second-largest economy was losing momentum.
The commentary, released last night on its WeChat account, said the Politburo statement suggested the top economic priority would be growth, and policymakers were "likely to resort to old means", including stimulating the property market and boosting fixed-asset investment, to change economic gears.
