China Vows to Keep Economic Growth, Policies Steady in 2nd Half

Ahead of an important Communist Party congress, Chinese officials pledged to maintain stability in economic growth and policies in the second half of the year.

Fiscal policy will be more proactive while monetary policy will remain prudent and neutral, said He Lifeng, head of the country's main economic planning agency, at a session of China's top legislative body Tuesday.

Also, Finance Minister Xiao Jie told legislators that the ministry would strengthen efforts to control local-government debt risks.

China will allocate appropriate debt limits for different localities and accelerate the restructuring of local-government financing vehicles, Mr. Xiao said.

Later this year, the Communist Party is expected to hold a congress--a gathering that occurs once every five years--to shuffle leadership portfolios.

--Liyan Qi

(END) Dow Jones Newswires

August 29, 2017 08:46 ET (12:46 GMT)