On July 30, 2013, the CCP Central Committee Political Bureau met and discussed the direction of China’s economy. Based on that discussion, Xinhua published an article, also on July 30, 2013, suggesting that China’s economy is in a “ridge climbing” period (like climbing a steep and difficult slope). Therefore, it is important to “ensure the economy runs within reasonable parameters.”
The article stated that the goal is to “stabilize the people’s mind.” China must not let the economy fluctuate up and down. The economic slowdown must not exceed a tolerable bottom line. The stability-oriented macro-policies do not allow any big adjustments. The government is the final decision maker in terms of macro-policies, micro-policies, and social policies so as to build a stable economic and social development system in China.
Source: Xinhua, July 30, 2013