Cyprus Mail

China pledges to lift economy with stable employment, prices in H2


China will step up measures to boost demand and stabilise employment and prices in the second half of the year to optimise economic outcomes, the country’s finance ministry said on Tuesday, as policymakers strive to prop up faltering growth.

The pledge came after a package of new economic stimulus measures announced by China’s cabinet last week, including billions of dollars worth of policy financing.

“China will make good use of local government special bonds, and support the implementation of policy bank financing tools” in the second half of the year, said the ministry in a statement published on its website.

The ministry also said that it will strictly curb new local government hidden debt, which refers to off-balance sheet debt financing by local governments.

China’s fiscal revenue rose in June due to easing COVID-19 restrictions with 25 provinces seeing growth in revenue, after a decline in April and May due to value-added tax credit rebates, the ministry said.

“China will strengthen macro economic policy adjustment and plan incremental policy tools to keep economic operation within a reasonable range,” the ministry added.

On top of the raft of policy support measure, China is also stepping up infrastructure spending to spur the flagging economy which narrowly escaped a contraction in June quarter.

Related Posts

Cypriot based tech firm automates investment decisions process

Panis Pieri

Data regulations weigh heavily on business decisions

Kyriacos Nicolaou

Offshore wind farms move ahead full sail with underwater help

CM Guest Columnist

For automakers, the EV surge is everything everywhere all at once

Reuters News Service

Gold subdued as US data backs Fed rate stance

Reuters News Service

Cypriot KV Fund looking for pre-seed and seed startups to invest in

Panis Pieri