Beijing has announced tens of billions of dollars in stimulus measures in a bid to shore up confidence as China’s economy is battered by a snowballing property sector downturn and President Xi Jinping’s stifling zero-Covid policies.
The State Council, China’s cabinet, added Rmb300bn ($44bn) in credit support by its policy banks, the state-controlled institutions used by Beijing to spur economic growth, according to an official announcement late on Wednesday.
“This will expand effective investment, boost consumption and help keep economic activities on a steady course,” said Chinese premier Li Keqiang, who has overall responsibility for the world’s second-biggest economy.
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