China's economy will continue to grow at a steady rate in the second half of the year despite "extremely complicated domestic and international conditions," the Party said yesterday.

China will "coordinate the tasks of stabilizing growth, restructuring the economy and promoting reforms," according to a statement from the Political Bureau of the Chinese Communist Party's Central Committee. The announcement came after a meeting of the politburo which was presided by Party chief Xi Jinping.

"Macro policy should be stable, micro policy should be flexible and social policy should support the bottom line.

"All of them should be coordinated," the statement said, adding that a "proactive fiscal policy and prudent monetary policy" would remain.

China's economy grew 7.5 percent year on year in April-June, slowing from the first quarter's 7.7 percent. This in turn was worse than 7.9 percent in the final three months of 2012.

The economy will maintain steady growth in the second half of this year amid "extremely complicated domestic and international conditions," the politburo said in the statement.

The central authorities will continue to coordinate the tasks of stabilizing growth, restructuring the economy and promoting reforms, it said.

China is targeting an economic growth of 7.5 percent and 3.5 percent inflation. In the first half of the year, the CPI grew 2.4 percent, leaving room for economic rebalancing.

"Major economic indicators were within reasonable ranges in the first half of this year, and economic and social development enjoyed a good start," according to the statement.

The authorities said they believe the country is still in a period of strategic opportunity and enjoying the foundations of steady and healthy economic development, noting that "the economy will maintain steady growth in the latter half of the year."

The meeting also underlined risk awareness and the need to prepare for complex and difficult situations, as the world economy is experiencing a deep restructuring. The government curtailed its own power in approving business projects, cut taxes for small enterprises and invited private capital to participate in railway construction.

At yesterday's meeting, the central authorities also agreed to step up support for small and micro-sized businesses, which provide at least 80 percent of the country's jobs and 60 percent of its GDP. They should enjoy more access to credit and lighter tax burdens, the statement said.

It was also agreed at the meeting that while stimulating consumer spending, it was also necessary to keep reasonable investment growth. The urbanization process should be pushed forward in a proactive and steady way.

Retail sales from January to June increased 12.7 percent from a year earlier. The growth rate picked up by 0.3 percentage points from the January-March period, according to the National Bureau of Statistics. The growth of fixed-asset investment stood at 20.1 percent during the period, down 0.8 percentage points over the first quarter of the year.