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China announced stimulus package to revive economy after COVID-19 restrictions

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The Chinese government announced this Tuesday, May 31, that it will carry out a with 33 fiscal, financial, investment and industrial measures in order to revive the economy. This occurs after the harsh restrictions that were imposed in the country to stop the resurgence of infections by COVID-19.

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Along these lines, the Chinese State Council reported that the purchase of household appliances and automobiles will be stimulated and that it will seek to encourage investment in transport infrastructure. Likewise, the authorities of the Asian country indicated, through their official statement, that the measures associated with value added tax credit reimbursements will be improved and fiscal spending will be accelerated. Also, local governments will start issuing special bonds for affected citizens.

Regarding monetary policies, China it will reduce real borrowing costs and boost financial efficiency through capital markets. Also, it will strengthen economic support for large projects and infrastructures.

Finally, the Chinese authorities urged the regions to promote a “healthy development” in relation to platform companies, which are expected to help job stability in the country.

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Source: Larepublica

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