China Readies More Policy Support to Stimulate Growth If Needed

China’s top economic planner said it would plan more polices to stabilize growth and roll them out if needed, given that economic development still faces many difficulties and challenges.

The National Development and Reform Commission will “strengthen pre-emptive policy research, and introduce and implement policies from reserve in a timely manner as appropriate,” Yuan Da, an official from the commission, said Tuesday at a press conference. He didn’t elaborate on what kind of polices the commission is considering.

The commission will also fully and quickly implement existing policies to ensure they take effect as soon as possible, Yuan said, reiterating a pledge from top policy makers to keep the economy operating within a reasonable range and strive for the best results for the year.

The government will make full use of development financial instruments to support the construction of major projects and put the money to use as soon as possible, Luo Guosan, head of the NDRC’s infrastructure department, said at the same briefing.

The boost from that infrastructure funding is expected to play an important role in supporting investment growth in the third quarter, Luo said. He sees full-year investment growth remaining stable.

On youth unemployment, the commission will further study and launch a number of pragmatic and effective measures to support entrepreneurship and employment, according to Yuan. He vowed to improve entrepreneurship and employment policy support system for college graduates, and do everything possible to expand employment channels.

Source: Bloomberg