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China to use effective investment, not flood-like stimulus, to boost economy: state media

Saturday, July 30, 2022
China to use effective investment, not flood-like stimulus, to boost economy: state media © Reuters. FILE PHOTO: Customers dine at a restaurant in a shopping area in Beijing, China July 25, 2022. REUTERS/Tingshu Wang/File Photo

BEIJING (Reuters) -China will use effective investment to help the economy recover and will not resort to flood-like stimulus, state media said on Friday, following a cabinet meeting chaired by Premier Li Keqiang.

The world's second-largest economy narrowly avoided contraction in the second quarter due to widespread pandemic lockdowns. Analysts said Beijing's full-year growth target of around 5.5% had been looking increasingly unattainable under Beijing's strict zero-COVID policy.

To spur demand, China urged local governments to speed up the use of special bonds for infrastructure that are mature and profitable, but such bonds should not be used for land reserves or to make up the gap between local fiscal revenue and expenditure, state media said.

To spur consumption, China will extend an exemption on purchase tax on "new energy" vehicles, following a cut to the car purchase tax.

China "will promote consumption to be the major economic driver continuously," state media reported.

As shoppers tighten their belts, policymakers have found it harder to revive retail consumption this year – a sector that contributes more than half to the economy and a major source of employment.

In the first half of this year, retail sales dropped 0.7% from a year earlier as many consumers were confined at home amid strict anti-virus measures.

The economy is in the "critical window" of stabilisation and recovery, and the third quarter is "vital", according to a Wednesday meeting of the country's top economic planner.

"(We should) seize the time window of the peak season for construction in the third quarter, improve work efficiency" and "help create jobs for local people nearby as much as possible," said a Friday statement of the meeting by the National Development and Reform Commission.

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16-08-2022 19:21:34 (UTC+7)

EUR/USD

1.0138

-0.0022 (-0.22%)

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EUR/USD

1.0138

-0.0022 (-0.22%)

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1.2045

-0.0009 (-0.07%)

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134.32

+1.00 (+0.75%)

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 EUR/USD1.0138↑ Buy
 GBP/USD1.2045↑ Buy
 USD/JPY134.32↑ Sell
 AUD/USD0.7008↑ Buy
 USD/CAD1.2904↑ Sell
 EUR/JPY136.17↑ Buy
 EUR/CHF0.9626↑ Sell
 Gold1,792.45↑ Buy
 Silver20.073Neutral
 Copper3.6197↑ Sell
 Crude Oil WTI90.34Neutral
 Brent Oil95.75Buy
 Natural Gas9.056Neutral
 US Coffee C223.13↑ Sell
 Euro Stoxx 503,800.45↑ Sell
 S&P 5004,297.14Neutral
 DAX13,875.31↑ Sell
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 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,500.16Neutral
 BASF44.420↑ Buy
 Bayer54.19↑ Sell
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 Adidas170.93Neutral
 Lufthansa6.742↑ Sell
 Siemens AG111.30↑ Sell
 Deutsche Bank AG9.015↑ Buy
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Cập nhật lúc 18:54:08 16/08/2022
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