That it would give top priority to employment and price stability and work on economic recovery. The Chinese state media reported after the regular ministerial meeting on the 22nd.
China's second-quarter gross domestic product (GDP), the world's second-largest economy, rose 0.4% year on year, with lockdowns against the new coronavirus and a sluggish real estate sector. Under pressure from cautious consumer sentiment, it barely escaped shrinkage. The government has set a growth target of about 5.5% in 2022.
Authorities have granted policy banks 800 billion yuan ($ 118 billion) as a new loan facility and allowed the issuance of bonds of 300 billion yuan to finance and support the growth of infrastructure projects.
The Cabinet says there is still plenty of room for measures such as lending through policy banks to play a role in boosting investment.
State media reported that local governments were required to accelerate the construction of infrastructure projects and create employment opportunities for migrant workers.
The Cabinet also said that financial institutions will need to be flexible in their consumer loans for those affected by the new Corona, and efforts will be made to ensure the stable development of the real estate market.
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