BEIJING: In a significant move, the Political Bureau of the Communist Party of China (CPC) Central Committee convened on Thursday, urging stronger measures to meet key economic and social development targets. The measures include implementing substantial interest rate cuts and stabilizing the property market as part of the country’s strategy for economic recovery.
Earlier this week, the government’s financial authorities announced a broader-than-expected policy package to galvanize the economy’s rebound. These policy measures include reducing the reserve requirement ratio for banks and mortgage rates for existing homes, as well as introducing new monetary programs to boost the capital market, among other initiatives. Additionally, on Wednesday, China introduced guidelines to promote high-quality employment, emphasizing reasonable wage increases and expanding social insurance coverage.
The country further issued a guideline on Thursday to facilitate the market entry of medium- and long-term capital with the goal of creating a more balanced portfolio of capital market investors while fostering long-term investment behavior and invigorating the capital market. The Political Bureau of the CPC Central Committee usually convenes an economic meeting at the end of April, July, October and December. This was the first such meeting to be held in September. Analysts said the earlier-than-usual meeting signals the central government’s commitment to addressing the current economic landscape and the urgency of implementing stable growth policies. –The Daily Mail-CGTN news exchange item
