chinas politburo the countrys top decisionmaking body struck a confident tone in the recovery of the worlds secondlargest economy on monday promising further policy support while acknowledging growth headwinds in a meeting chaired by communist party chief xi jinping chinas top leadership discussed economic affairs and concluded that the economy performed well in the first half of the year the official xinhua news agency reported officials at the meeting said chinas economy is facing new challenges stemming from weak domestic demand some struggling enterprises risks in several key areas and a complicated external environment without elaborating the economic recovery in the postpandemic era is a process of wavelike development and tortuous progress officials said an apparent response to recent concerns that chinas economy might have already lost steam as the reopening boost fades officials at the meeting reiterated that the chinese economy has great development resilience and potential and that the fundamentals of a longterm improvement havent changed beijing pledged to strengthen countercyclical adjustment and policy reserves vowing to implement more proactive fiscal policies and prudent monetary policies authorities will also look to revive the countrys capital market boosting investor confidence beijing reinforced its commitment to expanding domestic demand and letting consumption drive economic growth preferred areas included bigticket purchases such as cars electronic products and furniture and services sectors ranging from sports to tourism according to xinhua officials promised to quicken the issuance and usage of special government bonds to spur investment adding that they will also seek to stabilize private and foreign investment beijing said it will adjust property policies promptly as supplydemand dynamics have changed hinting at easing measures to rescue the struggling property sector authorities will continue to fend off risks from localgovernment debt formulate debtreduction plans and strengthen financial regulation official data released this month showed that chinas economy barely grew in the second quarter from the first quarter while youth unemployment hit a record high in june the worlds secondlargest economy faces challenges from weak domestic consumption damped business confidence plunging exports and a protracted property slump economists said chinas top leadership has rolled out supportive policies to shore up the ailing economy but has so far refrained from introducing major stimulus disappointing markets and underscoring beijings limited options amid mounting localgovernment debt