China plans to step up economic support measures

UNITED STATES, WASHINGTON (OBSERVATORY) — China plans to strengthen economic support, including investing in infrastructure projects and regional development, the State Council of China said.

At the same time, Beijing intends to maintain a reasonable monetary policy.

The State Council said that the government is committed to better integrating fiscal, financial and monetary policies, deepening capital market reforms and further opening up the financial sector, Reuters writes.

“We attach great importance to the development of infrastructure, high technology, the transformation of traditional industries, social services and new growth regions,” the PRC State Council said in a statement on the results of a meeting of the Committee on Financial Stability and Development on Saturday chaired by Vice Premier Liu State Council Heh.

The State Council said the government will also encourage banks to use more innovative tools to replenish capital through several channels.

The world’s second largest economy is facing increasing pressure amid a trade war with the United States.

On September 1, the United States and China conducted a mutual increase in import duties.

On Sunday, the US Presidential Administration Donald Trump announced an increase in duties on Chinese imports by $ 112 billion. China responded by raising duties on goods in the amount of $ 75 billion. The

increase in duties will be phased. Starting September 1, only part of the goods will be levied with new duties, and by the end of the year, the United States will introduce a new 15% duty on Chinese goods worth $ 160 billion, including laptops and mobile phones.

China’s GDP in the II quarter grew by only 6.2% in annual terms, at the lowest pace for at least 27 years, after an increase of 6.4% in the I quarter.


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