On 24 September 2024, China unveiled its largest stimulus in years in an effort to revive its struggling economy amid a sharp property downturn and falling consumer confidence. At a press conference in Beijing, People’s Bank of China (PBOC) governor Pan Gongsheng introduced a series of monetary reforms designed to boost investment and consumption. Reserve requirement ratio (RRR) reduction The PBOC will reduce the RRR – the amount of money …
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Although summer events like the Olympics and Qixi Festival have seen many Chinese consumers spending again, flagging consumer demand is still an economic headache On Saturday, 3 August, the State Council, China’s highest administrative governing body, issued a wide range of suggested consumption-boosting steps to all levels of government. The steps (available in Chinese here) aim to address China’s ongoing struggle with poor consumer demand, which is proving to be a drag on GDP growth. Some …
This year’s Two Sessions shows the Chinese Government sticking to its traditional approach of supply-side reforms and limited stimulus, but its targets remain ambitious given the current headwinds and geopolitical challenges. What does it mean for foreign-owned businesses in the country? asks Torsten Weller This years’ annual plenary meetings of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) – also called the Two Sessions (or …
China’s major political meetings – the ‘Two Sessions’ or ‘Lianghui’ – closed on Thursday. This year’s National People’s Congress – four days shorter than normal and delayed until May due to the pandemic – had two big items on the agenda: the new Civil Code and the decision to enact national security laws for Hong Kong. The latter move has attracted most attention in the foreign media, owing to its …