China vows to meet economic targets and avoid risks

China's top leadership has pledged to meet economic targets for the year, avoid risks and maintain social stability, underscoring concern for a recovery hampered by a prolonged property crisis and deflation.

The Communist Party's 24-member Politburo met yesterday to discuss a government work report that will be submitted to a gathering of lawmakers next week, Xinhua said. The report will be delivered by Premier Li Qiang and voted on during the annual session of the National People's Congress starting Tuesday.

The Politburo meeting hosted by President Xi Jinping reiterated that "prudent monetary policy will be flexible, appropriate, targeted and effective," while "proactive fiscal policy will be appropriately strengthened and improved in quality and efficiency," echoing instructions from a key economic work conference held in December.

The Politburo also pledged to speed up development of "new productive forces," a vague new slogan favored by Xi that refers to fresh engines of economic growth.

Hong Kong deputies to the Chinese People's Political Consultative Conference will propose measures to better integrate Hong Kong and the mainland in tourism and healthcare sectors in the annual Two Sessions meetings beginning Monday.

Several deputies including Henry Tang Ying-yen, Ko Wing-man, Martin Liao Cheung-kong and Kingsley Wong Kwok were seen departing for Beijing yesterday.

Speaking to reporters at the Hong Kong International Airport, former secretary for food and health Ko said he is concerned about the healthcare integration between Hong Kong and the Greater Bay Area. "I propose using more non-governmental organizations to take part in more public health and medical healthcare projects across the border," he said.

It is understood that delegates are required to conduct nucleic acid testing for Covid-19 before their departure and upon arrival in Beijing, but the "closed-loop" arrangement will no longer be applied this year. "I think all Hong Kong deputies will continue to stay disciplined and abide by all regulations set by authorities," Tang said.

And Wong said: "Without the closed-loop management, it will be more convenient and helpful for us to visit different places, and step up exchange and communication with mainland authorities."

BLOOMBERG and STAFF REPORTER