Mon, 11 Dec 2023

BEIJING, China: China state planners have said that even though the economy showed signs of renewed momentum last month, the country will help expedite the completion of construction projects and encourage domestic consumption.

Stifled by a growing property crisis and slowing exports and imports, the world's second-largest economy slowed significantly in the second quarter.

However, it showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales, although the property crisis continues to hang over recovery prospects.

"The economy is at a critical juncture in its recovery, as the foundation of the domestic economic recovery is still weak, despite main economic indicators showing positive changes," said National Development and Reform Commission (NDRC) spokeswoman Meng Wei.

After a two-month COVID-19 lockdown lifted in June, Shanghai said it would hand out "consumption vouchers" worth some $14.3 million to residents, which can be spent in a
major shopping district.

Additionally, Hainan, a southern island province, in a bid to make consumption the main driver of the recovery, said it would also issue vouchers valued at $14 million dollars.

In May, the Chinese cabinet announced measures to support the Economy, earlier hit by disruptions caused by government lockdowns and restrictions.

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