The Cabinet meeting was chaired by premier Li Qiang. Read more at straitstimes.com.
BEIJING - China will strengthen the coordination of various policies to boost growth and meet this year’s economic target, according to a Cabinet meeting cited by state media on Wednesday.with a prolonged property crisis, deflationary pressure and slower growth in retail sales and industrial output.
Without giving details, the Cabinet meeting chaired by premier Li Qiang said China would continue to introduce policies for boosting consumption and promoting investment. Beijing pledged to boost the household consumption share of GDP to prop up economic growth as debt-fuelled investment in infrastructure and property has peaked and exports slumped due to weakening global demand.
“Prolonged weakness in property construction will add to destocking pressures in the industrial space and depress consumption demand as well,” said Ms Tao Wang, economist at UBS Investment Bank.
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