Chinese President Xi Jinping has called for faster implementation of measures to stimulate domestic consumption in China, amid growing concerns that economic growth targets will not be met. He writes about this Financial Times.
According to state news agency Xinhua, at a Politburo meeting of the Central Committee of the Communist Party of China, it was noted that “the focus of economic policy should shift towards improving the people’s welfare and encouraging consumption.” The country’s leadership approved stepping up fiscal and monetary measures, including using government bonds to finance spending and stimulus programs.
The announcement signaled authorities’ efforts to support the economy after a surprise cut in interest rates last week. China’s GDP growth slowed to 4.7% on an annual basis in the second quarter, below forecasts of 5% for the full year.
A day earlier, Chinese state financial institutions bored He has taken control over payments to his employees, demanding the return of an annual salary of more than 2.9 million yuan ($400,000). The measures apply to both mainland China and Hong Kong and are linked to Chinese President Xi Jinping’s campaign for “high-quality development” and “shared prosperity”.
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