Beijing rolls out new stimulus measures

Fighting back: A worker welds a liquefied natural gas tank at a factory in Nantong. The State Council says the latest policies are intended to stabilise the economy and get it back onto its normal track. — AFP

BEIJING: China rolled out a broad package of measures to support businesses and stimulate demand as it seeks to offset the damage from Covid lockdowns on the world’s second-largest economy.

The 33-point package include 140 billion yuan (US$21bil or RM92.24bil) in additional tax rebates and 300 billion yuan (RM197.43bil) in railway construction bonds, Xinhua News Agency reported, citing a decision from a meeting of China’s State Council, the cabinet, chaired by Premier Li Keqiang.