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- China's Cabinet issues a series of policies to stabilize the economy
China's Cabinet issues a series of policies to stabilize the economy
China's Cabinet issues a series of policies to stabilize the economy, Reuters reports, citing the Cabinet documents.
Key takeaways
To accelerate issuance of local govt special bonds, add new-type of infrastructure and new energy projects to project pool eligible for fundraising.
Step up vat credit rebates, ramp up fiscal spending.
Will guide actual lending rates lower.
Will allow firms to defer social security payments to end of year in industries hard hit by covid curbs.
Will dole out cash subsidies until end of year for firms that hire college graduates.
Will promote healthy development of platform economies.
Will study support policy to lower purchase tax for some low emission vehicles this year.
Will steadily increase consumption of automobiles and home appliances.
Will increase international passenger flights in an orderly way.
Market reaction
AUD/USD is unfazed by these above headlines, as it remains pressured below 0.7200. The pair is currently trading at 0.7178, down 0.22% on the day.
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