The National Committee of the Chinese People's Political Consultative Conference (CPPCC) holds a symposium to analyze China's macroeconomic situation in the second quarter of 2022 on July 15, 2022. [Photo by Wang Da/cppcc.gov.cn]

The National Committee of the Chinese People's Political Consultative Conference (CPPCC) held a symposium to analyze China's macroeconomic situation in the second quarter of 2022 on July 15.

Vice-chairmen of the CPPCC National Committee Zhang Qingli, Gu Shengzu, and Gao Yunlong attended the meeting, where Gu delivered a speech.

According to data from the National Bureau of Statistics, China posted a year-on-year GDP growth of 0.4 percent in the quarter and 2.5 percent in the first half of the year.

In the meeting, members of the CPPCC National Committee agreed that the country has effectively coordinated epidemic prevention and control with economic and social development in the period, achieving steady recovery despite the increasingly complicated global environment and domestic COVID-19 resurgences.

To underpin recovery momentum and address structural contradictions in the domestic economy, it's important to leverage monetary and fiscal policies to stabilize growth, adopt more practical and precise measures to keep expectations stable, and optimize the business environment to let real estate and private investment play effective roles, according to the members.

Efforts are also needed to focus on propelling domestic demand as a central strategy, transform China's economic bargaining power into international development opportunities, and make full use of advantages of private equity and venture capital as a growth driver, according to the meeting.

The meeting, presided over by Shang Fulin, chairman of the Committee on Economic Affairs of the CPPCC National Committee, included participants from the All-China Federation of Industry and Commerce, the National Development and Reform Commission, the Ministry of Finance and the People's Bank of China.