China Unveils Fresh Stimulus to Boost Ailing Economy

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Posted on 09/24/2024 3:32:29 PM PDT by nickcarraway

China unveiled some of its boldest measures in years on Tuesday (Sep 24) aimed at boosting its struggling economy as leaders grapple with a prolonged property sector debt crisis, continued deflationary pressure and high youth unemployment.

The world's second-largest economy has yet to achieve a highly anticipated post-pandemic recovery and the government has set a goal of five per cent growth in 2024 - an objective analysts say is optimistic given the headwinds it is facing.

On Tuesday, central bank chief Pan Gongsheng told a news conference in Beijing that it would cut a slew of rates in a bid to boost growth, pledging to "promote the expansion of consumption and investment". The moves represent "the most significant ... stimulus package since the early days of the pandemic", Julian Evans-Pritchard, Head of China economics at Capital Economics.

(Excerpt) Read more at channelnewsasia.com ...

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1 posted on 09/24/2024 3:32:29 PM PDT by nickcarraway

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