China will shortly hold its Political Consultative Conference . This extract is a lead up published by the China Daily Both domestic and foreign businesses will be watching to see how China will respond.
There are hints of additional monetary action, coordinated with fiscal measures, to support China’s resuming economic activity as the novel coronavirus outbreak is basically controlled domestically, and they expect the recovery will rely largely on domestic demand.
The monetary response should focus on maintaining lower interest rates and ensuring sufficient liquidity to help achieve debt sustainability, and fiscal authorities need to enlarge public spending and cut taxes with an extended deficit, said policy advisers.
The People’s Bank of China, the central bank, pledged over the weekend it would implement “a more flexible and powerful” monetary policy to counter economic downturn pressure and mitigate the impact of the COVID-19 shocks, while maintaining financial stability.
Monetary policy tools include re-lending and re-discounting facilities, through which the central bank can provide funds to commercial banks.
The government will raise the fiscal deficit ratio, issue special treasury bonds to counter the COVID-19 pandemic’s impact, increase local government special bonds and continually implement tax and fee cuts, Finance Minister Liu Kun said on Thursday.
The number of new infections in China has stabilized at very low levels, and China’s economy continued to recover in April after sharply contracting in the first quarter. Industrial output has risen year-on-year and investment has strongly improved. But consumption momentum has remained weak.
The spread of COVID-19 overseas has disrupted the global economy and financial market, bringing new challenges to China’s economy, Yi said. “China has favorable conditions to maintain economic and financial stability, and we still have sufficient policy space to support growth.”
Please red the full article at China Daily
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