China aims for growth with new stimulus before Golden Week
by ChemOrbis Editorial Team - content@chemorbis.com
According to media sources, China’s central bank reduced interest rates and injected liquidity into the financial system on Friday to support economic growth target of 5% for 2024. Further fiscal measures are expected before the week-long national holiday starting October 1.
However, China’s economy is facing deflationary pressure, a property market slump, and fragile consumer confidence, all of which have slowed growth and raised concerns of a deeper, long-term slowdown.
The People’s Bank of China (PBOC) also lowered the reserve requirement ratio for banks by 50 basis points, releasing about 1 trillion yuan ($142.5 billion) into the banking system. This marks the second such reduction this year, with further cuts possible. Despite the stimulus efforts, analysts remain cautious about whether these moves will be enough to meet China’s growth target and stabilize the economy.
On Tuesday, China’s central bank unveiled its most significant stimulus since the pandemic to boost the economy and meet the government’s growth target.
However, China’s economy is facing deflationary pressure, a property market slump, and fragile consumer confidence, all of which have slowed growth and raised concerns of a deeper, long-term slowdown.
The People’s Bank of China (PBOC) also lowered the reserve requirement ratio for banks by 50 basis points, releasing about 1 trillion yuan ($142.5 billion) into the banking system. This marks the second such reduction this year, with further cuts possible. Despite the stimulus efforts, analysts remain cautious about whether these moves will be enough to meet China’s growth target and stabilize the economy.
On Tuesday, China’s central bank unveiled its most significant stimulus since the pandemic to boost the economy and meet the government’s growth target.
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