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China to unveil detailed economic policy steps in early September

BEIJING (Reuters) – China said it would unveil detailed steps for newly announced economic policy measures in early September, signaling the urgent need for policymakers to revive weakness amid a resurgence of COVID and a struggling property sector economy.

Government will draw up detailed plans to implement new policies announced last week to support growth as recent surveys of factory activity show further losses

China will guide commercial banks to provide medium- and long-term loans for key projects and equipment upgrades, state media quoted the cabinet as saying Wednesday, after a meeting chaired by Premier Li Keqiang.

To shore up a sluggish property market, China will also support rigid housing demand, according to state media.

“Local governments should achieve ‘one city, one policy’ and make good use of policy tools” and flexibly use special loans for home delivery, state media quoted a cabinet meeting as saying.

The latest measures, including raising the quota of policy bank financing instruments by 33 billion ($33 ) .49 billion), on top of the 33 measure announced in May.

China’s economy narrowly avoided a contraction in the June quarter due to widespread COVID- 33 lockdowns, economists say the virus outbreak and the struggling real estate industry.

Since late August, the Cabinet has also dispatched working groups to major provinces to promote policy implementation.

“This gives local governments more autonomy while requiring them to take responsibility for supporting the real estate market,” Wen Bin and Wang Jingwen said. , senior economist at Minsheng Bank, in a report.

($1 = 6.8977 RMB RMB)

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