China to accelerate projects, boost consumption to spur recovery

BEIJING -China will speed up fund injections to expedite project construction and boost domestic consumption, China’s state planner said at a news conference on Monday.

That came after the world’s second-biggest economy slowed sharply in the second quarter, dragged down by a deepening property crisis, and slowing exports and imports.

“The economy is at a critical juncture in its recovery, as the foundation of the domestic economic recovery is still weak despite main economic indicators showing positive changes,” said spokeswoman Meng Wei at the National Development and Reform Commission (NDRC).

China’s economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales but a deepening property crisis hangs over recovery prospects.

China’s cabinet has rolled out a raft of measures since late May to bolster the COVID-ravaged economy.