The Chinese government declared on Saturday that it would promote a recovery of consumption as the main engine of the economy and boost imports, as reported by the state channel CCTV to Reuters. The news highlights cooling global demand and recession concerns that have prompted Chinese policymakers’ willingness to act.
The meeting was chaired by Chinese Premier Li Keqiang, and in it the State Council, which functions as the Cabinet in China, was to speed up the implementation of foreign investment projects, maintain a stable yuan, facilitate cross-border travel and help companies participate in domestic and foreign trade fairs, according to the news.
It should be noted that the Chinese tax authority mentioned that the week-long Lunar New Year vacation, which ended on Friday, boosted consumption by 12.2% Compared to the same period of the previous year.
The Council of Ministers also reaffirmed its support for the private sector and the digital platform economy, which have been affected by a series of harsh regulatory measures in recent years.
He also discussed measures to support farmers to start spring planting, including subsidies for soybean planting.
Source: Fx Street
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