Premier Li Keqiang announced the latest measures to bolster slumping growth, but Goldman Sachs said the new stimulus is not enough.
| China stepped up its economic stimulus with a further 1 trillion yuan of measures to bolster growth and curb the fallout of repeated COVID-19 lockdowns and theThe State Council, China’s cabinet, outlined a 19-point policy package on Wednesday, including another 300 billion yuan that state policy banks can invest in infrastructure projects, on top of 300 billion yuan already announced at the end of June.
At the same time, the State Council said the economy would not be flooded with excessive stimulus and China would not overdraw on its future policy room, reiterating officials’ relatively cautious stance on stimulus this year. Goldman Sachs economists said the measures announced on Wednesday would not be enough to lift the overall growth rate from the 3 per cent they were projecting.
The 19 measures come on top of several recent stimulus steps: policy banks have been allocated a total of 1.1 trillion yuan of financing for infrastructure projects since June; the central bank delivered a surprise 10 basis-point interest rate cut last week; and in May, Beijing announced about 1.9 trillion yuan of support measures in a 33-point policy package, including targeting small businesses.
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