China to not use property market to provide short-term stimulus

China will not use its property market to provide short-term stimulus to the economy, but will make financial policy more effective and take steps to cope with trade frictions, said the official Xinhua news agency on Tuesday, citing comments from the ruling Communist Party’s Politburo.

The Politburo also said China’s economy is facing increasing downward pressure and that Beijing will take various measures including boosting domestic consumption, stabilising foreign trade and employment, Xinhua said.

The party’s top decision making body had met earlier to discuss economic conditions and policy for the second half of the year. China’s growth slowed to a near 30-year low in the second quarter amid weakening demand at home and abroad.

Source: Reuters