China's Cabinet announces a range of reforms aimed at bringing the economy back into balance.

Reuters reported, citing the Chinese documents. China's cabinet released a list of policies for the stabilised economy.

May 31, 2022 - 11:36 AM 271 views

China's Cabinet announces a range of reforms aimed at bringing the economy back into balance.

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© China's Cabinet announces a range of reforms aimed at bringing the economy back into balance.

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Reuters reported, citing the Chinese documents. China's cabinet released a list of policies for the stabilised economy.

Important Takeaways

To speed up the issuance of the local government bonds, infrastructural and new energy projects are added to the project pool that can be funded.

Boost vat credit rebates, increase fiscal spending.

Will provide direction for lowering real lending rates

This will allow companies to delay the social security payments by the end of the year in the industries that are hard-hit by the COVID outbreak.

It will administer the cash subsidies until the end of the year for those companies that recruit the college graduates.

Will advocate active developments in platform economies.

Will go through support policy carefully and reduce the purchase tax for some low-emission vehicles for the year 2022.

This will slowly and steadily boost the consumption of automobiles and home appliances.

Will slowly increase the number of international passenger flights in an orderly way.

The Market Reaction

The AUD/USD currency pair is undaunted and it remains pressurized by the above headlines and fell by 0.7200 points. As of now, the AUD/USD pair is trading at 0.7178 and fell by 0.22% in a day.

 

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