China will adopt policies to stabilize the economy and consolidate the foundation of economic recovery and growth. A decision has been made at the State Council’s Executive Meeting chaired by Li Keqiang that policies will be adopted to rescue the economic growth of the countries.
The meeting noted that the foundation of the economic recovery is not solid. Therefore, the meeting noted that it is imperative to upload the development by coordinating the COVID-19 response with economic development.
China introduced 19 follow-up policies
According to the statement released, the country needs to take decisive actions to ensure the country can recover its economic growth without compromising its longer-term interests.
Besides, there will be 19 follow-up policies which will be introduced. These policies focus on the goal of promoting economic stabilization by keeping the important economic indicators to stay within the proper range.
Li Keqiang states that the country must take full advantage of the opportunity to maintain the appropriate policy scale in order to expand investment and boost consumption,
China approves a set of infrastructure projects
There has been 300 billion yuan financial instruments for specific projects, and the quota will be increased by 300 billion yuan. This will help to boost investment and consumption. The packages aim to address the ongoing problems of insufficient loan demand.
Under the follow-up policies, a set of infrastructure projects will be approved and the projects are expected to generate returns. There will also be a reformation in the government to ensure its efficiency.
All of the local government's efforts to stabilise the economy will be put under the supervision of the State Council. The meeting also stated that the State Council will immediately send task forces to supervise the efforts of stabilizing the company.
Furthermore, an additional 10 billion yuan will be added to the agricultural supplies subsidies to ensure that the logistics will be open and smooth.
