China should maintain steady macroeconomic policies while being more flexible with microeconomic policy, the Standing Committee of the Political Bureau of the Communist Party of China Central Committee said on Thursday.

In a meeting chaired by President Xi Jinping, the top leadership mapped out guidelines to address the lingering difficulties reflected in China's economic performance in the first quarter.

The most serious challenge to the economy was identified as a lack of growth momentum - partly affected by the sluggish world economy, compounded by liquidity in some developed economies and flagging confidence over the recurrence of European sovereign debt crises.