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China will ensure stable economic operations this year, cabinet says -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This view shows the Huangpu River and the skyline of Shanghai ahead of the Annual National People’s Congress in Shanghai (China) February 24, 2022. Photo taken February 24, 2022. REUTERS/Aly song/File photo

BEIJING (Reuters), – China is committed to stable economic operations, which will keep the country’s economic growth, employment, and prices in a reasonable range, according to a statement made by the Cabinet on Monday.

China’s economy now faces downward pressure. The cabinet stated this after a regular meeting.

China “will strengthen cyclical adjustment and place stabilising GDP in a stronger position, deepen Reforms and Open up to striving to achieve full-year targets.

China’s economic growth is expected to slow down by 5.5% in 2015, as property declines and low consumption clouds the future of the second-largest country.

China is expected to increase financing availability for small companies and decrease total financing costs.

China would monitor the changes in international conditions, commodity prices, and any possible impacts on China’s economic system and make steps to address them, said the cabinet.

Cabinet members announced that the government would accelerate the process of refunding tax to aid firms.

China is promising to provide tax cuts and tax rebates in excess of 2.5 trillion yuan ($393billion) each year.

($1 = 6.3644 renminbi)

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