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China will ensure appropriate credit and money growth in line with lower inflationary expectations, in the second half of the year. Zhang Ping, head of China's top economic planning body, has made the comments in a report delivered to the 16th meeting of the Standing Committee of the National People's Congress.
At the meeting held by the standing committee of the National People's Congress, the head of the National Development and Reform Commission highlighted the governments focus in the second half of the year.
Zhang Ping said China's inflationary pressure will still remain high in the second half of the year, because of costly agricultural products. So the government will rein in its inflationary management and maintain price stability.
Despite the negative impact of severe natural disasters, this year's summer grain production is better than expected. In a bid to secure food supplies, the government is also vowing to expand food production. It will shore up the nation's food reserves with an effective management and allocation system.
Zhang also says residential property prices in some cities are still too high. So China will continue with policies to restrain overly fast price rises and "resolutely control" speculative property prices. The government is also vowing to speed up the construction of affordable housing.
Meanwhile, the central government is also continuing to transform the country's economic development mode. It will promote the reform and development of China's rural areas, and improve livelihoods. The government will also deepen its fiscal and taxation reform in the second half of the year.