China to accelerate projects, boost consumption to spur recovery | Inquirer Business

China to accelerate projects, boost consumption to spur recovery

/ 03:54 PM September 19, 2022

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.

ADVERTISEMENT

“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.

FEATURED STORIES

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

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: China, consumption, economic recovery, Projects
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.