China’s Politburo urges economy support

China’s top decision-making body, the Politburo, has pledged to increase policy support for the economy, with a particular emphasis on stimulating consumption to drive domestic demand.

The country is facing mounting challenges, including a weakening global environment, sluggish domestic consumption, and a painful economic transition, the Politburo added.

In a meeting chaired by President Xi Jinping, the Politburo acknowledged the need for more forceful economic policies.

This includes implementing proactive fiscal and prudent monetary policies, accelerating existing policy measures, and preparing additional stimulus packages.

To bolster consumption, the Chinese government will prioritise policies that benefit people’s livelihoods. This includes creating more jobs, especially for college graduates, and addressing issues like food safety and social security.

The world’s second-largest economy has experienced slower-than-expected growth in the second quarter, with the consumer sector particularly impacted by job losses and the ongoing property downturn.

Attribution: Reuters