China this week unveiled a bundle of new measures aimed at kickstarting its economy, battered by unprecedented headwinds including a property sector crisis and sluggish spending.
The stimulus followed warnings that more state support was needed to get the world’s second-largest economy back on track and hit growth targets for 2024.
Here are the steps announced by Beijing this week:
– Rate cuts –
The People’s Bank of China on Wednesday cut its medium-term lending facility — the interest for one-year loans to financial institutions — from 2.3 percent to 2.0 percent. The rate was last lowered in July.
Most Asian markets rose following the announcement, which came two days after monetary policymakers said they would lower China’s 14-day lending rate.
The raft of measures are considered the boldest in years as Beijing aims to revive economic activity.
But Ting Lu, chief China economist at Nomura, said the batch of monetary easing measures has
– Cash injection –
China’s central bank also on Friday slashed the reserve …