In a decisive move to achieve its growth targets, the Political Bureau of the Communist Party of China (CPC) Central Committee convened on Thursday, unveiling a series of robust macroeconomic policies.
The newly announced measures include substantial interest rate cuts aimed at stimulating borrowing and investment. Additionally, the government is taking steps to stabilize the property market, a crucial sector for China's economic recovery.
Earlier this week, China's financial authorities introduced a comprehensive policy package designed to accelerate the economy's rebound. Key initiatives include reducing the reserve requirement ratio for banks, lowering mortgage rates for existing homes, and launching new monetary programs to invigorate the capital market.
On Wednesday, guidelines were introduced to promote high-quality employment, focusing on reasonable wage increases and expanding social insurance coverage. These efforts are intended to enhance the overall well-being of the workforce and drive sustainable economic growth.
Further strengthening the capital market, China issued guidelines on Thursday to facilitate the entry of medium- and long-term capital. This strategy aims to create a more balanced portfolio of investors and encourage long-term investment behavior, thereby boosting the capital market's vitality.
Typically, the Political Bureau of the CPC Central Committee holds economic meetings at the end of April, July, October, and December. This September meeting, the first held earlier than usual, underscores the central government's commitment to addressing the current economic challenges and the urgency of implementing stable growth policies.
Reference(s):
China steps up macroeconomic policies to achieve growth target
cgtn.com
