The skyline of Lujiazui in Shanghai Photo: CFP

 
China’s State Council, the cabinet, on Monday said that increased medium and long-term funds should be brought into the country’s capital market and the inherent stability of the market should be enhanced.  

The executive meeting of the State Council also called for crackdowns on illegal activities and more effective measures to stabilize the capital market and boost investors’ confidence, according to China Media Group.

The meeting also pointed out that it is necessary to enhance the consistency of macro policy, strengthen innovation and coordination of policy tools, consolidate and enhance the positive trend of economic recovery, and promote the stable and healthy development of the capital market.

The meeting, which was focused on hearing work reports on the capital market, came after a recent decline seen in the Chinese stock market. As of Monday, the benchmark Shanghai Composite Index has dropped by nearly 7 percent so far this year, while the Shenzhen Component Index has fallen 9.8 percent.

To ensure sound and stable development, China will further improve the basic system of the capital market, pay more attention to the dynamic balance of investment and financing, and vigorously improve the quality and investment value of listed companies, according to the State Council meeting. 

The meeting also studied and made plans for promoting artificial intelligence (AI) in advancing new industrialization. China will focus on the deep integration of AI, and will further develop smart manufacturing. 

The meeting also called for more efforts to encourage and guide the delivery services industry, which has become increasingly important in boosting consumption, as well as offering a source of employment.