© Reuters. FILE PHOTO: Chinese Premier Li Keqiang speaks at the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China March 5, 2022. REUTERS/Carlos Garcia Rawlins
BEIJING (Reuters) – China will continue to roll out phased policies to stabilise its economy with a focus on reviving consumption and boosting investment, and implement these policies as soon as possible, state media cited Premier Li Keqiang as saying on Monday.
China will implement a variety of measures to stabilise growth, employment and prices, Premier Li said.
“China will promote the recovery of consumption as the main pulling force and make greater efforts to boost effective investment, ” Premier Li was quoted by state radio.
The world’s second-largest economy narrowly avoided contracting in the second quarter amid widespread COVID-19 lockdowns and weakness in the property market which have dented consumption and factory activity.
Li also said China would accelerate building key projects and increase policy bank financing based on the needs of local economies.
Recent data showed China’s economy lost further momentum in August, with factory activity extending declines and export growth slowing as demand wanes amid strict COVID restrictions.
China’s cabinet last week announced more steps to spur investment, extending a raft of measures to bolster an economy ravaged by COVID-19.