To speed economic recovery, China to hurry construction projects

Robert Besser
22 Sep 2022, 07 GMT+10

China state planners said that even though the economy showed signs of renewed momentum, the country will expedite the completion of construction projects
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

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.

More Information

32 ℃

Showers in the Vicinity in Seletar

Business

Section

Brain implant company Neuralink valued at $5 billion

FREMONT, California: Elon Musk's brain implant startup Neuralink, valued at some $2 billion during a private fundraising round two years ...

Nasdaq Composite leads U.S. stocks higher, gains 134 points

NEW YORK, New York - U.S. stocks moved higher Thursday as investors and traders took a break from their recent ...

As Portugal sells TAP airlines, Lufthansa says too early for buyout

LISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell ...

Technology stocks falter as Dow Jones maintains the course

NEW YORK, New York - U.S. stocks were divided on Wednesday, with the technology and industrial sectors parting ways.Tech stocks ...

Industry watching as new Spider-Man movie takes in $120.5 million

HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...

Airbus awaits record 500 jet order from IndiGo

PARIS, France: European plane manufacturer Airbus is reported to be close to a record agreement to sell 500 narrow-body jets ...

Africa

Section

Smoke Gives US East Coast, Canada New View of Fire Threat

NEW YORK - Images of smoke obscuring the New York skyline and the Washington Monument this week have given the ...

India asserts global standing as it denies Zelensky a G20 invitation

The external affairs minister has cleared the air about the Ukrainian president's participation in the September summitIndia, which holds the ...

Bird ExecuJet Airport Services named as sole General Aviation Facility (GAF) for Air Expo India 2023

GLOBAL PR CONNECT (GPRC)New Delhi [India], June 9: Bird ExecuJet Airport Services Private Limited was named the sole General Aviation ...

Safe Water Network and USAID Supported Water ATMs Improve Health and Prosperity of Families and Communities in India

NewsVoirNew Delhi [India], June 9: Safe Water Network (SWN), in collaboration with the U.S. Agency for International Development (USAID), today, ...

Merck Foundation Meets University of South Wales and Learna to Underscore Their Partnership to Build Healthcare Capacity in Africa

BusinessWire IndiaPontypridd (Wales) [UK]/ Mumbai (Maharashtra) [India], June 9: Merck Foundation, the philanthropic arm of Merck KGaA, Germany, has underscored ...

Lingering effects of Neanderthal DNA in modern humans

New York [US], June 9 (ANI): Recent scientific findings have revealed that Neanderthal genes compose 1 to 4 per cent ...