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China plans more support for economy

Published 09/01/2019, 09:10 AM
Updated 09/01/2019, 09:10 AM
© Reuters. Chinese flag flutters in front of the Great Hall of the People in Beijing

© Reuters. Chinese flag flutters in front of the Great Hall of the People in Beijing

BEIJING (Reuters) - China plans to provide more support for its economy, including investing in infrastructure projects and regional development, while maintaining a prudent monetary policy with "reasonably" ample liquidity, the State Council said on Sunday.

As the world's second-largest economy weathers its biggest slowdown in decades, the State Council said the government aimed to better integrate fiscal, financial and monetary policies, deepen capital market reforms and further open up the financial sector.

"We attach great importance to the development of infrastructure, high-tech, traditional industrial transformation, social services and new growth regions," the State Council said in a statement following a meeting of the Financial Stability and Development Commission (FSDC) chaired by Vice Premier Liu He on Saturday.

China's economy faces pressures from a bruising trade war with the United States. The two countries began imposing additional tariffs on each other's goods on Sunday, the latest escalation in the trade dispute, despite signs that talks would resume some time this month.

China's vast manufacturing sector shrank in August for the fourth month in a row, data showed on Saturday, although the services sector picked up for the first time in five months.

© Reuters. Chinese flag flutters in front of the Great Hall of the People in Beijing

The State Council said the government would also encourage banks to use more innovative tools to replenish capital through multiple channels, but did not elaborate.

Latest comments

this will conclude in a good outcome eventually. when? that we don't know!! ummm probably around Tuesdays November 3rd 2020
Has DT woke a sleeping giant?
starve them stop selling pork and fish to them plus corn,soybeans etc...
hilarious:))
and in turn, put put farmers into bankruptcy. Yeah, sounds like a well thought out plan...
Ha ha ha
why did you laughing what does it mean? :))
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