China’s cabinet on Tuesday announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy, adding that it will oversee how provincial governments implement them.
The stimulus package, which was indicated by China’s State Council at a routine meeting last week, underscores Beijing’s shift towards growth after Covid-19 control measures hit the economy and threatened the target. of 5.5% growth in Beijing for the year.
To revive investment and consumption, the government has ordered municipalities not to extend restrictions on car purchases and said those that have already adopted restrictions should gradually increase their car ownership quotas.
The Ministry of Finance also said on Tuesday that it will halve the tax on the purchase of small cars.
China will promote the healthy development of platform companies, which should play a role in stabilizing jobs, the State Council said.
Platform companies are also encouraged to make advances in areas including cloud computing, artificial intelligence and blockchain technologies, the State Council said, in the latest sign that China is easing a crackdown on e-commerce platforms and giants. technological.
China will also expand private investment, accelerate infrastructure construction and encourage the purchase of cars and home appliances to stabilize investment, according to the measures.
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