China's Leaders Pledge to Support Economy without Big New Stimulus Plans, China News
China’s leaders also pledged to speed fiscal spending and use monetary tools as second-quarter growth slowed to 4.3%, state media said.
- On Thursday, China's Politburo pledged to accelerate fiscal spending on already-budgeted infrastructure projects, acknowledging "difficulties and challenges facing the economy" at its meeting.
- The meeting followed data showing second-quarter economic growth at 4.3 per cent, the slowest in more than three years, prompting Beijing to stabilize growth through existing policies rather than large-scale stimulus.
- State media reports Beijing plans to spend roughly $1 trillion this year on infrastructure, while the Politburo will "continue to comprehensively rectify 'involution' competition" among manufacturers.
- Tommy Xie, head of Asia macro research at OCBC Bank, stated "There was no major policy bazooka," while Xu Tianchen, senior economist at the Economist Intelligence Unit, said "China still has ample fiscal room."
- Pinpoint Asset Management chief economist Zhiwei Zhang observed the policy focus remains on supply rather than income growth, as the Central Committee prepares for its fifth plenary session in October.
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18 Articles
China’s Politburo Pledges Incremental Policy Support to Bolster Economy
China’s Politburo Signals Additional Policy Measures to Bolster Economy - Leaders called for faster fiscal spending, timely monetary adjustments and stronger support for investment, jobs and the property market as second-quarter momentum weakened
China's leaders pledge to support economy without big new stimulus plans
China's leaders pledged at a meeting on Thursday to support the slowing economy by accelerating fiscal spending on already-budgeted infrastructure projects in the remainder of the year, rather than by planning major new stimulus measures.
China's Top Officials Weigh New Stimulus After Growth Slowdown
China's leaders pledge to support economy without big new stimulus plans, China News
SINGAPORE/BEIJING — China's leaders pledged at a meeting on Thursday (July 30) to support the slowing economy by accelerating fiscal spending on already-budgeted infrastructure projects in the remainder of the year, rather than by planning major new stimulus measures.Data earlier this month showed second-quarter economic growth at its slowest in more than three years at 4.3 per cent, missing the...
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