Chinese Communist Party says economy faces negative pressure

Chinese President Xi Jinping claps during the closing session of the National People's Congress at the

Chinese President Xi Jinping claps during the closing session of the National People's Congress at the Great Hall of the People in Beijing, China - March 15, 2019. REUTERS/Thomas Peter

The Communist Party committee announced today that despite a good start to the year, the country's economy continues to face many difficulties

According to the minutes of a party committee meeting headed by Chinese president Xi Jinping, negative pressure on economic activities owes more to structural and systemic factors than to cyclical circumstances, the state-run Xinhua news agency reports.

One of the priorities is to help the private sector and small businesses by reducing financial costs, the news agency said.

The Communist Party has also promised to stabilize demand by pushing supply-side changes and furthering structural deleveraging.

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