China's Xi says to maintain prudent monetary policy, control asset bubbles

October 28, 2016 6:51 AM EDT

China's President Xi Jinping waves as he arrives at a news conference after the closing of G20 Summit in Hangzhou, Zhejiang Province, China, September 5, 2016. REUTERS/Damir Sagolj

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BEIJING (Reuters) - China will maintain a prudent monetary policy and a proactive fiscal policy, President Xi Jinping on Friday told a meeting of the Politburo, the top decision-making body of the ruling Communist Party.

China must "adhere to prudent monetary policy and maintain reasonably ample liquidity while focusing on controlling asset bubbles and preventing economic and financial risks," Xi said at the meeting about the economy, according to state media.

China must implement supply side reform, appropriately expand demand and refine policies in order to ensure this year's economic targets are met, Xi said.

China's economy grew at a steady annual 6.7 percent in the third quarter, but the government is looking to rein in risk from rising debt, industrial overcapacity and rising home prices.

Xi mentioned during the meeting that the economy was showing diverging economic trends, including in regional growth, while there remained a relatively large amount of problems facing the economy.

(Reporting by Beijing monitoring desk; Editing by Nick Macfie)

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