China is to step up efforts to expand domestic demand, deepen economic restructuring and stabilize prices during the second half of the year, the director of the nation's top planning agency said yesterday. 

 

Zhang Ping, director of the National Development Reform Commission, told the nation's top legislature: "China's economic growth is stabilizing although it is expanding at a slower pace." 

 

The government's supportive policies are gaining traction while the real estate curbs have suppressed speculation, contributing to a relatively stable economic growth," Zhang said.

 

China would stick to the current restrictive policies in housing, he said, to secure current achievements and block a possible rebound in house prices. 

 

The country has fast-tracked approval process for investment spending on key projects, lowered interest rates twice in the past two months, and enriched capital in the banking system through repurchase agreements. 
 

Zhou Xiaochuan, governor of the People's Bank of China, said last week that cuts in reserve requirements and interest rates were still possible after cash injections to the banking system. 

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