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China Vows to Speed Up Investment in Effort to Stabilize Growth

(Bloomberg) -- China will accelerate investment in key projects and boost domestic consumption to help stabilize economic growth amid renewed downward pressures, according to a cabinet meeting chaired by Premier Li Keqiang, China Central Television reported.

The State Council urged faster implementation of 102 key projects along with others under the nation’s 14th five-year plan and state-level blueprints, according to CCTV. Stabilizing growth should be emphasized, with measures remaining targeted and policies avoiding flooding the economy with liquidity.

Proceeds from 1.2 trillion yuan ($188 billion) worth of local government bonds issued in the fourth quarter of last year should be put to work in projects as soon as possible, and new debt sales approved for this year should be issued soon, according to the report. The various steps will be key in ensuring the economy remains stable in the first quarter and first half, it said.

Fresh pandemic outbreaks and lockdowns are adding to headwinds for an economy already buffeted by weak private consumption and a housing market crisis. A growing number of economists are predicting the central bank will cut banks’ required reserves as well as policy interest rates in the first quarter.
©2022 Bloomberg L.P.

Jan 11, 2022 12:29
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