BEIJING, (Reuters) – China will not hesitate in introducing new policies to boost growth as the economy is feeling the pain of prolonged COVID-19 lockdowns, a top Communist Party official stated on Thursday.

China will implement the existing policies by the end of this year, according to Han Wenxiu (deputy head of party’s office of financial and economic affairs), at a Beijing news conference.

We will not waste any time planning or rolling out new policies. Han stated that there is enough room to implement fiscal and monetary policies. We also have many policy tools.

Han stated that “we will increase policy adjustments and we will take action when necessary.” He did not give details.

Han stated that China should control COVID “scientifically, precisely and effectively” to ensure normal economic operations.

As authorities try to stop COVID cases spreading, they have taken steps to offset a worsening economic slowdown. They now lock down full and partial streets in many cities including Shanghai’s commercial center.

China’s COVID-19 resurgence was having a “huge influence” on its economy. But such effects will not last, Sheng Laiyun from the National Bureau of statistics said in an official Xinhua report.

Economists predict that China’s economic growth in the second half of the year will be slower than the 4.8% it experienced in the first quarter.

While the government is lowering taxes and funnelling funds to infrastructure projects, the central bank has increased support and cash injections into the economy.

Some economists in government have called for more policy stimuli, such as an increase of the annual deficit and special Treasury bonds.

Chen Yulu said that China’s People’s Bank will increase its financial support of the real economy. He also spoke out about lowering financing cost.