China unveils package to boost economy amid IMF growth warning
China’s politburo has signalled measures to kickstart the faltering economy as the crisis gripping the country’s debt-laden property sector continued to play havoc with growth forecasts.
Amid a warning from the International Monetary Fund (IMF) that a slowdown in the world’s second-biggest economy could hurt the global recovery from Covid-19, President Xi Jinping’s senior leadership committee rubber-stamped a plan from the central bank on Monday for more targeted lending to businesses. They also outlined support for the housing market.
The People’s Bank of China (PBOC) said it would cut the reserves most banks must hold by 0.5 percentage points, releasing another 1.2tn yuan ($188bn) into the economy, the central bank said in a statement.
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