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China to boost targeted policy support for economy

China to boost targeted policy support for economy

China will step up fiscal and monetary policy support for the economy in a targeted way, state media quoted the cabinet on Friday (Aug 19) as saying, raising expectations that more modest easing steps could be unveiled.

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China's key activity indicators showed the economy unexpectedly slowed in July, raising the heat on policymakers to ramp up measures to cope with headwinds including a resurgence of local COVID-19 cases and a slowing global economy.

China will consolidate its economic recovery and keep economic operations within a reasonable range, state media quoted the cabinet as saying after a regular meeting chaired by Premier Li Keqiang.

"At present, the economy continues to recover its development trend, but there are still small fluctuations," the cabinet was quoted as saying.

"It is necessary to strengthen targeted financial and monetary policies to support the real economy, further consolidate the foundation of economic recovery, maintain the economic operation within a reasonable range," it said.

An official statement released after the meeting noted that a decision was made on measures to lower costs, alongside policy measures to better secure the basic livelihood of people in difficulty and meet their essential needs.

According to the statement, the meeting also decided on measures to support elderly care and childcare industries to help them overcome difficulties and restore growth, and agreed to extend the tax exemption policy for new energy vehicle purchases to spur consumption of big-ticket items.