China to take more steps to support economy – state media cites cabinet
2022.08.24 15:10
FILE PHOTO: A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee
BEIJING (Reuters) – China will take more steps to support the economy, including raising the quota on policy financing tools by 300 billion yuan ($43.69 billion), state media quoted the cabinet as saying on Wednesday.
China would make good use of carryover special bond quotas of 500 billion yuan and would support centrally-owned power generations firms to issue 200 billion yuan in bonds, state media cited the cabinet as saying after a regular meeting.
China will lower financing costs for companies but will not resort to flood-like stimulus, the cabinet was quoted as saying.
($1 = 6.8666 Chinese yuan)
