China this week unveiled a bundle of new measures aimed at kickstarting its economy, which has been battered in recent years by unprecedented headwinds including a property sector crisis and sluggish spending.
The stimulus announced by the central bank come after 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, and how experts are reacting:
– 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 its 14-day lending rate.
The raft of measures, including the cuts, are considered the boldest in years as Beijing aims …