China pledges to accelerate introduction of more economic policies

BEIJING (Reuters) – China will speed up the introduction of more policies to consolidate its economic recovery, state media CCTV reported on Wednesday, citing a cabinet meeting chaired by Premier Li Qiang, after the economy showed tentative signs of stabilising.

With a flurry of support steps kicking in, the $18 trillion economy showed better-than-expected figures including bank lending, industrial production and consumption gauges last month, but the wobbling property sector still weighs on its economic outlook.

China will stick to deepening reforms and further opening up and will fully mobilize the enthusiasm of businesses, CCTV said.

“China will accelerate the introduction of relevant policies and work implementation, as well as further consolidate the economy’s upward trend,” CCTV said.

Feedback from an inspection and survey of the country’s economic recovery was presented at the meeting, according to state media.

Local governments and government departments must attach great attention to problems found during the inspection and survey, and push for policy measures already released to take effect, CCTV reported, citing the meeting.

Responding to the advice gathered during the survey, relevant government departments should make plans and carry out in-depth research considering 2024’s economic work, the state media said.

The world’s second-biggest economy lost steam since April as its rebound from COVID reopening missed expectations by markets and economists.

China should step up policy support for the economy while promoting reforms to help achieve the annual growth target of around 5%, Yi Gang, former governor of the People’s Bank of China (PBOC), said in remarks published on Wednesday.

The Asian Development Bank on Wednesday trimmed its growth forecast of China to 4.9% from 5.0% in July due to the weakness in the property sector.

(Reporting by Ellen Zhang and Liz Lee; editing by Christina Fincher, William Maclean)