A wide range of economic data in recent months has missed forecasts, raising concerns among economists that the growth target was at risk and that a longer-term structural slowdown could be in play
Chinese leaders pledged on Thursday to deploy “necessary fiscal spending” to meet this year’s economic growth target of roughly 5 per cent, acknowledging new problems and raising market expectations for fresh stimulus on top of measures announced this week.
. Beijing is considering pumping up to 1 trillion yuan into its biggest state banks to increase their capacity to support the struggling economy, primarily by issuing new special sovereign bonds, Bloomberg News reported on Thursday. Officials “will respond to people’s concerns, adjust home purchase restriction policies, lower existing mortgage rates and improve land, fiscal, tax and financial policies as soon as possible to push forward the new model of property development," it said.The Politburo’s endorsement of further stimulus “represents a strategic shift in macro policy, from piecemeal policies to a highly orchestrated package in the right direction,” said Bruce Pang, chief economist China at Jones Lang LaSalle.
The ministries of finance and civil affairs said on Wednesday they would distribute a one-time allowance to disadvantaged people ahead of a national holiday in early October. They vowed to prioritize employment and promote wage growth in response to steep pay cuts in some sectors and soaring youth unemployment.
Cent Government China Stimulus Yuan Meeting Readout Julian Evans-Pritchard Politburo Capital Economics
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