China will step up policy support for economy, PM told state media

Chinese Premier Li Keqiang speaks at the opening ceremony of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, March 5, 2022. REUTERS/Carlos Garcia Rawlins

BEIJING (Reuters) – China will step up macroeconomic policy support for its economy after showing an unexpected slowdown in economic growth last month, state media reported on Wednesday.

In a video conference with officials from six major provinces – Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan, Li said China’s economy continued to recover in July, but that “small fluctuations” had occurred. said there was.

“To solidify the foundations of the economic recovery, we need to increase the sense of urgency,” Li said.

China’s central bank cut key lending rates on Monday to revive demand. Data showed the economy slowed in July, with factory and retail activity weighed down by Beijing’s zero-COVID policy and the property crisis.read more

The authorities will thoroughly implement a series of policy measures announced in May and increase the intensity of macroeconomic policies to keep economic activity within reasonable limits, Li said.

The government will take further measures to boost consumption and expand effective investment, Li added.

Reported by Kevin Yao and Beijing Newsroom.Editing by Peter Graf and David Holmes

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