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China to step up economic support, says premier

China will step up support for the economy, Premier Li Keqiang said, urging economically important provinces to take the lead in implementing growth policies, state media reported a day after data showed economic growth slowed last month.

China’s economy continued to recover in July, but there were “small fluctuations”, Li said during a video meeting Tuesday with officials from six major provinces – Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan. .

“A sense of urgency must be strengthened to consolidate the foundations for economic recovery,” Li said.

China’s central bank cut key lending rates in an unexpected move on Monday to revive demand as data showed the economy slowed in July, with industrial and retail activities weighed down by a “Covid-19” policy. zero” and a housing crisis.

The authorities will implement a package of measures released in May and increase the intensity of macroeconomic policies to keep economic activity within a reasonable range, Li said.

Source: CNN Brasil

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