China will step up support for the economy with prudent monetary and pro-active fiscal policies, including interest rates and bank reserve requirement ratios , the Politburo of the Communist Party was quoted by state media as saying on Tuesday.
“At the same time, it must be noted that China’s economic foundation is stable, with many advantages, strong resilience, and great potential,” it said. The People’s Bank of China has in recent months delivered modest cuts in RRR and interest rates to support economic growth. Beijing plans to issue 1 trillion yuan in special ultralong term treasury bonds to support some key sectors.
Proposals include relaxing urban residency permits to boost consumption, creating a level playing field for the struggling private sector and redesigning the tax system to tackle the root cause of surging municipal debt.
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