China is preparing stimulus measures as it reports fewer new cases of COVID-19. The Communist Party’s Politburo on Friday said it would push for more proactive fiscal policy and step up macroeconomic policy adjustments. The Politburo also called for more national bonds, lower interest rates, loan repayment delays, and supply-chain bottlenecks reduction.
The Politburo’s statement implies that Beijing would issue special treasury bonds for the first time since 2007. However, it did not elaborate on the plan further. According to Morgan Stanley analysts, China needs to issue at least $282 billion of such bonds to prop up its economy.
China is now focusing on restarting the paused businesses. China’s Ministry of Commerce on Saturday said that all e-commerce platforms are all operating while almost all of the major convenience stores, shopping malls, and department stores have reopened. At the same time, 60% of hotels and 80% of restaurants have resumed their businesses.
In Hubei Province, the epicentre of the outbreak, the provincial government had removed all highway checkpoints except ones in Wuhan and pledged to help people to return to work and businesses to resume their activities.
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Published on March 30, 2020 5:31 PM (GMT+8)Last Updated on March 30, 2020 5:31 PM (GMT+8)
