{"id":129118,"date":"2022-09-01T05:26:56","date_gmt":"2022-09-01T05:26:56","guid":{"rendered":"https:\/\/fin2me.com\/?p=129118"},"modified":"2022-09-01T05:26:56","modified_gmt":"2022-09-01T05:26:56","slug":"china-to-publish-detailed-economic-policy-steps-in-early-september","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/china-to-publish-detailed-economic-policy-steps-in-early-september\/","title":{"rendered":"China to publish detailed economic policy steps in early September"},"content":{"rendered":"

BEIJING (Reuters) -China said it will publish detailed steps for newly announced economic policy measures in early September, suggesting an urgency for policymakers to revive the sluggish economy amid a resurgence of COVID and an embattled property sector.<\/p>

FILE PHOTO: Vehicles drive through Beijing’s central business area, China April 23, 2018. REUTERS\/Jason Lee<\/figcaption>

The government will lay out detailed plans to implement the 19 new policies it announced last week to support growth as recent factory activity surveys pointed to a further loss in momentum in the world\u2019s second-largest economy in August.<\/p>\n

China will guide commercial banks to provide medium- and long-term loans to key projects and equipment upgrading, state media quoted the cabinet as saying on Wednesday, after a meeting chaired by Premier Li Keqiang.<\/p>\n

To prop up the weak property market, China will also support rigid housing demand, state media reported.<\/p>\n

\u201cLocal governments should have \u2018one policy for one city\u2019 to make good use of policy tools\u201d and flexibly use the special loans for home delivery, state media quoted the cabinet meeting as saying.<\/p>\n

The latest steps, which include raising the quota on policy bank financing tools by 300 billion yuan ($43.49 billion), come on top of the 33 measures unveiled in May.<\/p>\n

China\u2019s economy narrowly escaped contraction in the June quarter due to widespread COVID-19 lockdowns, and economists say its nascent recovery is in danger of fizzling out amid fresh virus flare-ups and a distressed property sector.<\/p>\n

The cabinet has also sent working groups to major provinces since late August to push forward the implementation of policies.<\/p>\n

\u201cThat gives local governments greater autonomy, at the same time asks them to take the responsibility of propping up the property market,\u201d said Wen Bin and Wang Jingwen, senior economists at Minsheng Bank, in a note.<\/p>\n

($1 = 6.8977 Chinese yuan renminbi)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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