look news india
China Stimulus News: After the announcement of relief packages by the Central Bank to get the Chinese economy out of the crisis, now the Chinese government has decided to give a lump sum cash allowance to the people on the occasion of China's National Day on October 1, so that the people facing the crisis can get relief. Financial help can be provided.
Cash will be given on Chinese National Day
China's Ministry of Civil Affairs said that on October 1, on the occasion of China's National Day, cash will be given as subsidy to the poor, orphans and the needy. The 75th anniversary of the formation of New China will be celebrated on October 1. The ministry said that the Chinese Communist Party and Xi Jinping government are very concerned about the needy. However, the report has not mentioned how much amount will be given to the people in cash. The Chinese government has asked regional civil affairs and finance departments to take this initiative very seriously. Also asked to ensure that people are given cash on time. The purpose behind giving cash is that people will spend more and more, which will benefit the Chinese economy.
Focus on high quality employment
The Chinese government's cabinet has also issued guidelines for creating high-quality and adequate employment opportunities, with a pledge to generate employment and deliver good wage growth. In recent times, salary cuts and increasing unemployment among the youth in China have increased the problems of the government.
Announcement of relief package possible
Leaders of China's ruling party have vowed to spend as much as possible to achieve the target of 5 percent economic growth rate. The Chinese Central Bank has announced a relief package, but more new stimulus packages are expected from the government. In China, emphasis is being laid on increasing domestic consumption as well as reviving the troubled real estate sector.
The brunt of export dependence
The Chinese economy, considered the world's second largest economy, is suffering from excessive dependence on exports. Sugar exports have been affected due to global tensions. Property prices have fallen and consumer confidence has been eroded. Recently released data on China's economy has increased concerns. Due to this, the Chinese Central Bank has made the biggest cut in interest rates since the pandemic and injected 1 trillion yuan, or about $140 billion, of cash into the financial system to bail out the economy.