China to maintain policy continuity, stability: Party leadership

BEIJING - China's economic growth in the first quarter was generally within expectation, and the country will maintain continuity and stability of its macro policies, the central leadership of the ruling Communist Party of China (CPC) said on Friday.

Fiscal and monetary policies will remain as they are, and the country will nurture good development prospects and a transparent macro policy environment, said a statement released after a meeting of the Political Bureau of the CPC Central Committee, chaired by its general secretary Xi Jinping.

While sticking to the basic principles of stable macro and flexible micro policies, timely adjustments should be made in accordance to changing conditions of the economy so as to realize economic and social development goals for the year, said the statement.

It said the fundamentals of the economy remains unchanged, adding that economic growth in the first quarter was generally stable and within the proper range, with positive changes in economic structure.

However, downward pressure in the economy still exists, some difficulties cannot be underestimated, and a high level of attention should be given to hidden risks, said the statement.

Growth in China stood at 7.4 percent year on year in the Jan.-March period, slowing from 7.7 percent in the fourth quarter of 2013.