China is on its way to implementing 19 follow-up policies apart from the policy package to stabilize the economy, media reported.
The government has decided to send task forces to different regions across the country to oversee and support work regarding the execution of the policies at a quicker pace at the State Council’s Executive Meeting chaired by Premier Li Keqiang.
According to Chinese media, he said that in the current circumstances, they must seize the window of opportunity and maintain the appropriate policy scale.
“The funds available should be put to best use. This will expand effective investment, boost consumption, and help keep economic activities on a steady course,” he added.
It was acknowledged at the meeting that China’s economy at the moment has maintained the momentum of recovery and growth observed in June even as marginal fluctuations still persist, which ends up weakening the foundation of economic recovery.
The quota for policy-backed financial instruments for specific projects worth 300 billion yuan (around $43.87 billion) will be boosted by 300-plus billion yuan. The impact of the loan prime rate reform will be further leveraged to decrease the expenses of consumer loans and corporate financing.
The authorities will also approve and launch a number of promising infrastructure projects and take steps to safeguard against the embezzlement of funds. Moreover, measures to enhance the development and investment of private business and further the sustained development of the platform economy will also be carried out.
Regional governments will be permitted to approve city-specific policies such as flexible credit housing loans. Also, payments of charges levied by the government will be rescheduled for one quarter. Regions will be supported in setting up risk compensation funds for loans given to micro, small, and medium-sized enterprises and self-employed households.