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China will nurture a strong domestic market and establish a new development pattern, according to the statement released on Thursday after the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China.
China will face more pressure from the Western world. In such a scenario, the existing globalization system may face the risk of disintegration, and the global economic model may undergo strategic reorganization, which will undoubtedly have a fundamental impact on the reconstruction of the global industrial chain.
China will take further measures to support private investment as the country tries to stabilize growth while encouraging deleveraging, especially within State-owned enterprises, according to the nation's top economic regulator.
China's GDP growth slowed to 6.2 percent year-on-year in the second quarter, its slowest pace in the 27 years since quarterly record keeping began. But analysts said the brisk retail sales growth and stable employment, together with possible support measures to be rolled out in the second half, will help bolster full-year growth.
China's central bank cut the benchmark lending rate by 0.2 percentage points on Monday, the largest decline since the new rate was set in August 2019, to lower financing costs and offset downward pressures from the coronavirus pandemic.
来源：资阳报