From NBCUniversal: 2024-10-07 23:47:40

China’s National Development and Reform Commission chairman, Zheng Shanjie, outlined plans to support the country’s economy, including speeding up special purpose bond issuance and releasing a 100 billion yuan investment plan ahead of schedule. Chinese stocks surged over 10% on Tuesday morning after returning from Golden Week.

In response to a slowing economy, Chinese leaders have called for strengthening fiscal and monetary policies and unveiled stimulus measures. China’s economy grew by 5.0% in the first half of the year, meeting the government’s target, but GDP growth in April-June missed expectations at 4.7%. Consumer price index rose by 0.6% year on year in August.

Amidst disappointing economic data, China’s factory activity contracted for the fifth consecutive month in September. The official PMI was 49.8 indicating contraction, while the Caixin PMI was 49.3, the sharpest contraction in 14 months. Zheng Shanjie previously stated that China will continue to strengthen macroeconomic policies to achieve growth targets.

Read more: China state planner lays out further actions to boost economy but no new plans for major stimulus