Beijing Pledges Support For Covid-hit Businesses

China will step up policy support to stabilise the economy as domestic Covid-19 outbreaks and the Ukraine war raise risks, according to a Politburo meeting on Friday.

Authorities will adopt a package of policies to help Covid-hit industries and small firms.

According to Xinhua News Agency, President Xi Jinping presided over the meeting in Beijing to analyse the current economic situation and economic work.

"The Covid-19 and Ukraine crisis have led to increased risks and challenges. The complexity, severity and uncertainty of China's economic development environment have increased," the Politburo was quoted as saying by Xinhua.

"Stabilising growth, employment and prices are facing new challenges. It is very important to do a good job in economic work and effectively protect and improve people's livelihood."

The Politburo said the country will strive to keep economic growth within a reasonable range and achieve social and economic targets for 2022. Beijing has set a GDP growth target of 5.5 percent for the year.

Officials added they will continue to implement the dynamic zero policy to control Covid outbreaks.

The meeting also reviewed a plan for talent development during the 14th Five-Year Plan, from 2021 to 2025. (Additional reporting by Reuters)