Key facts
- China's cabinet pledged to increase counter-cyclical policy support to meet economic growth targets.
- The government aims for economic growth of 4.5%-5% this year.
- Industrial output, retail sales, and investment weakened at the start of the third quarter.
- The property sector remains in a prolonged downturn.
- Support measures will include interest rate subsidies, infrastructure upgrades, and expanded relending facilities.
- New measures to support the housing market, employment, and income growth are being studied.
BEIJING, Sept 28 (Reuters) - China's cabinet pledged on Monday to increase counter-cyclical policy support to address rising economic strains and ensure the economy meets its annual growth target. The government is aiming for economic growth of 4.5%-5% this year.
The State Council, in a readout of a meeting chaired by Premier Li Qiang, stated that existing policy measures should be implemented more effectively and the issuance and use of government bonds should be accelerated. The cabinet urged major infrastructure projects, particularly those tied to national networks under the 2026-2030 five-year plan, to commence as soon as possible.