(Yicai) April 29 -- China’s top leadership pledged to better leverage macroeconomic policies to support growth, prioritizing employment, artificial intelligence, domestic demand, and the property sector, as external uncertainties weigh on the outlook.

The meeting of the Political Bureau of the Central Committee of the Communist Party of China, held yesterday, emphasized optimizing fiscal spending, safeguarding grassroots “three guarantees” -- basic livelihoods, salaries, and government operations -- and maintaining ample liquidity with a stable yuan exchange rate. Authorities will also assess the consistency of macro policy orientations.

The discussions were outlined in an official statement following the meeting. Zhang Jun, chief economist at China Galaxy Securities, said there is no urgency to roll out all additional measures at once, noting that policymakers should retain flexibility. He added that the United States-Israel-Iran conflict has significantly increased global economic uncertainty, and stabilizing expectations, employment, and markets will be key signals for any broad interest rate cuts.

The leadership stressed strengthening the employment-first policy and improving public services such as education, healthcare, and childcare, as well as boosting domestic demand and accelerating major infrastructure projects. The meeting also called for stabilizing the real estate market and advancing urban renewal, while pushing forward the “AI+” initiative to foster new forms of intelligent economy.

Domestic Demand and Industrial Policy

Zhang noted that amid the transition to new growth drivers, imported inflation pressures and efficiency gains from AI are reshaping corporate hiring demand. With a record 12.7 million college graduates expected this year, employment pressure remains elevated, making the surveyed unemployment rate a key indicator for further policy support.

The meeting called for expanding the supply of high-quality goods and services, upgrading consumption, and advancing the construction of key infrastructure, including water systems, new power grids, computing networks, next-generation communication networks, underground urban pipelines, and logistics networks. Projects that are ready should begin construction promptly.

Wen Bin, chief economist at China Minsheng Bank, said some projects currently lack sufficient reserves and have low commencement rates, predicting faster allocation of fiscal funds and use of special bonds to accelerate tangible project progress. Government investment is expected to help attract private capital and offset weakness in real estate and private-sector investment.

In industrial policy, the meeting pledged to fully implement the “AI+” initiative, improve AI governance, maintain a reasonable share of manufacturing, and address excessive price competition.

Data from the National Bureau of Statistics showed China’s gross domestic product grew 5 percent year on year in the first quarter, up 0.5 percentage point from the previous quarter. The nationwide surveyed urban unemployment rate stood at 5.4 percent in March, close to the 5.5 percent policy target.

Editor: Emmi Laine