China unveils US$70bil financing tools to bolster investment


BEIJING: China will deploy policy-based financial tools to the value of 500 billion yuan ($70.25 billion) to accelerate investment projects, the state's planner said on Monday, as part of efforts to support the slowing economy.

Authorities are using the new financing tools to boost financial services and effective investment, Li Chao, a spokesperson for the National Development and Reform Commission, said.

"We are working with relevant parties to promptly allocate funds from these new policy-based financial instruments to specific projects," Li told a media briefing.

"The total scale of these new policy-based financial instruments is 500 billion yuan, all of which will be used to supplement project capital."

The state commission will urge local authorities to speed up project starts and construction, boost effective investment, and support stable economic growth, Li said. China's economic activity slumped in August. Factory output and retail sales had their weakest growth since last year, keeping the pressure on Beijing to roll out more stimulus to try to revive the world's second-largest economy.

Fixed-asset investment also grew at a slower-than-expected 0.5% pace in the first eight months year-on-year, from 1.6% in January-to-July, marking its worst performance since the height of the pandemic. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Capital A completes disposal of AirAsia aviation units
Bursa Malaysia grants Pimpinan Ehsan until June 30 to submit regularisation plan
Vestland secures RM602mil construction contracts
Kenanga Investment revises 2026 GDP growth forecast to 4.5%
Ringgit ends marginally lower as greenback gets lift from positive US economic data
Exsim’s unit gets RM2.36mil job in an RPT deal
TH Plantations-Cenergi power plant boosts waste-to-energy solutions
MN Holdings wins RM122.7mil contracts for data centre power works
M&G enters JV to expand vessel maintenance and repair services
Binastra wins RM1.18bil building, infrastructure contracts in Johor

Others Also Read