China’s cabinet on Tuesday unveiled a package of 33 measures covering fiscal, fiscal, investment and industrial policies to revive a pandemic-ravaged economy, saying it would oversee how provincial governments would implement them. apply.
The stimulus package, which was flagged off by China’s State Council at a regular meeting last week, underscores Beijing’s shift toward growth, as COVID-19 containment measures stoked the economy and Beijing’s 5.5 percent for the year. % growth target is threatened.
To revive investment and consumption, the China platform will promote healthy growth of companies, which are expected to play a role in stabilizing jobs, according to the measures.
The state council said platform companies are encouraged to pursue success in areas including cloud computing, artificial intelligence and blockchain technology, the latest sign that China is easing action on the sector.
According to the measures, China will expand private investment, accelerate infrastructure construction and encourage the purchase of cars and home appliances to stabilize investment.
In terms of monetary and financial policies, China will promote financing efficiency through capital markets by listing domestic firms in Hong Kong and promoting offshore listings by qualified platform companies.
The State Council also vowed to further reduce actual borrowing costs and strengthen financial support for infrastructure and major projects.
To increase financial aid to the economy, China will accelerate the issuance of special local government bonds and cash aid for firms that hire college graduates.
The state council said officials would also provide tax credit exemptions to more sectors and allow firms in industries hit hard by COVID-19 restrictions to defer social security payments.
Other measures include policies to ensure energy and food security, and to stabilize the supply chain.