The policy pivot gave China’s troubled stock benchmark its biggest weekly gain in more than 15 years.
China’s latest barrage of stimulus measures marks a sea change in President Xi Jinping’s approach to managing the world’s second-largest economy.
The efforts extended to Sept 27 when the head of the National Development and Reform Commission pledged “full support” to private Chinese firms to help them overcome difficulties, saying such companies and entrepreneurs are “one of our own”. Mr Neil Thomas, fellow on Chinese politics at the Asia Society Policy Institute’s Centre for China Analysis, said the week’s slew of stimulus measures “showed it’s incorrect to say that Xi does not care about the economy or is purely ideological about his political goals”. “He needs a baseline level of growth to maintain social stability, build international power and achieve national rejuvenation.”The US Federal Reserve had just slashed rates, easing pressure on China’s renminbi.
But while the multi-pronged policy package marked a shift for Mr Xi and had equity markets excited, it did little to address deep-seated problems plaguing the longer-term outlook.Investors waited with optimism for a housing rescue programme unveiled in May. But it proved anti-climactic and market euphoria quickly faded as progress has been slow due to the unattractive economics for city governments.
The Politburo meeting also called on local officials to “have the courage to take responsibility and dare to innovate”. Such apparatchiks have been paralysed by Mr Xi’s command to reduce debts, after years of rampant borrowing to fund growth-boosting infrastructure projects, while an anti-corruption campaign has sent a chill through the bureaucracy.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China and Philippines accuse each other of ramming ships in South China SeaBEIJING — The Philippines and China exchanged accusations of intentionally ramming coast guard vessels in disputed waters of the South China Sea on Saturday (Aug 31), the latest in an escalating series of clashes in the vital waterway. The collision near the Sabina Shoal was their fifth maritime confrontation in a month in a longstanding rivalry.
Read more »
China will 'crush' foreign encroachment on South China Sea: Military officialBEIJING: China will "crush" any foreign incursion into its sovereign territory including in the South China Sea, a senior Beijing military official said on Thursday (Sep 12) on the sidelines of a defence forum.
Read more »
China urges EU to be 'objective and fair' on South China Sea issueBEIJING: China urged the European Union to be "objective and fair" and careful with words and actions on issues in the South China Sea after the bloc remarked on an incident that occurred over the weekend.
Read more »
China vows to ‘pulverize’ any foreign incursion into the South China Sea including the U.S.The statement comes amidst heightened tensions between China and the United States over China's assertive stance in disputed maritime regions.
Read more »
China says ties with Philippines at crossroads over South China SeaThe countries have exchanged accusations of intentional attacks in the disputed waterway.
Read more »
Malaysia will not stop South China Sea exploration despite China protests, PM saysBeijing asserted that Malaysia's oil and gas exploration in the South China Sea breached its territory.
Read more »