Stable growth was reaffirmed as a priority, as were maintaining fiscal and monetary policies to combat turbulent global conditions.

Current economic growth is within expectations, but external conditions remain grim and pose difficulties and challenges, according to a statement released on July 31 after a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee, presided over by President Hu Jintao.

The committee pledged to cut taxes and maintain moderate credit growth.

The government will beef up support for key projects and implement policies that allow private capital to play a bigger role, the committee said, adding that foreign trade policies will remain consistent.

It also vowed to expand domestic demand, develop the real economy, accelerate reform and improve living standards in the second half.

At the same time, the committee said it will firmly implement cooling policies to curb speculative demand and increase supplies of smaller apartments and subsidized housing.