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China introduces measures to boost economic growth | China introduces measures to boost economic growth |
(about 1 hour later) | |
China's government has acted for the first time this year to boost economic growth after a string of disappointing data led to fears of a slowdown. | China's government has acted for the first time this year to boost economic growth after a string of disappointing data led to fears of a slowdown. |
The government said it will cut taxes on small firms and speed up the construction of railway lines. | The government said it will cut taxes on small firms and speed up the construction of railway lines. |
The measures had previously been included in China's economic work plan for 2014. | The measures had previously been included in China's economic work plan for 2014. |
However, they had not before put them together in a package aimed at boosting growth. | However, they had not before put them together in a package aimed at boosting growth. |
"We will find innovative ways including fiscal and financial methods to...steady economic growth," the cabinet said in a statement on the government's website. | "We will find innovative ways including fiscal and financial methods to...steady economic growth," the cabinet said in a statement on the government's website. |
Shares in Asian stock exchanges rose after the move was announced. | |
Needed boost | Needed boost |
After its weekly meeting on Wednesday, the government announced the measures, including an 18% increase in the total number of railway lines being built compared to last year. Most of those tracks will be laid in central and western regions of the country. | After its weekly meeting on Wednesday, the government announced the measures, including an 18% increase in the total number of railway lines being built compared to last year. Most of those tracks will be laid in central and western regions of the country. |
To finance the railway investment, the government will sell 150 billion yuan ($24.6bn; £14.5bn) worth of government bonds. | To finance the railway investment, the government will sell 150 billion yuan ($24.6bn; £14.5bn) worth of government bonds. |
As further stimulus, Chinese authorities said they will also extend tax provisions granted to small businesses into 2016. | As further stimulus, Chinese authorities said they will also extend tax provisions granted to small businesses into 2016. |
"We must roll out policies that spur businesses' vitality, effectively increase demand and boost jobs," the government said. | "We must roll out policies that spur businesses' vitality, effectively increase demand and boost jobs," the government said. |
Last month, during the annual National People's Congress, the Chinese government kept its annual growth target at 7.5%. | Last month, during the annual National People's Congress, the Chinese government kept its annual growth target at 7.5%. |
However, a string of disappointing economic data - including reports indicating a slowdown in China's manufacturing activity - have led many analysts to believe growth may fall short of the government's target. | However, a string of disappointing economic data - including reports indicating a slowdown in China's manufacturing activity - have led many analysts to believe growth may fall short of the government's target. |
Chinese Premier Li Keqiang has sought to reassure markets that the government remains prepared to act, and has previously emphasized that creating jobs - as opposed to a specific growth target - was the most important item on his agenda. | Chinese Premier Li Keqiang has sought to reassure markets that the government remains prepared to act, and has previously emphasized that creating jobs - as opposed to a specific growth target - was the most important item on his agenda. |
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