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China announces detailed stimulus measures to support virus-hit economy

The stimulus package underscores Beijing's shift toward growth after Covid control measures pounded the economy and threaten Beijing's 5.5% growth target for the year

Residents walk along a bridge near the bund in Shanghai (Photo: Bloomberg)
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Residents walk along a bridge near the bund in Shanghai (Photo: Bloomberg)

Reuters
China's cabinet announced a package of 33 measures covering fiscal, financial, investment and industrial policies on Tuesday to revive its pandemic-ravaged economy, adding it will inspect how provincial governments implement them.

The stimulus package, which was flagged by China's State Council in a routine meeting last week, underscores Beijing's shift toward growth, after COVID-19 control measures pounded the economy and threaten Beijing's 5.5% growth target for the year.

To revive investment and consumption, the government ordered localities not to expand curbs on auto purchases and said those which already have curbs in place should gradually increase their quotas on car

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 31 2022 | 4:52 PM IST

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