The National Development and Reform Commission of the People’s Republic of China (NDRC) is the ‘state planner’. From a news conference held late on Thursday:
Approved 83 fixed-asset investment projects worth a total of 673.1 billion yuan in January-August.We are capable and confident of achieving full-year economic and social development goals.Will roll out a batch of incremental measures ‘with good effects’ in a timely manner.On investment, the key is to let government investment guide and drive up social investment.Will strengthen the force of macroeconomic adjustments and control, step up counter-cyclical adjustments.Will study the expansion of the national catalogue of industries for foreign investment.Will coordinate funds from the central government budget, ultra-long special sovereign bonds, and local government special bonds to support projects to boost a new type of urbanization.
China’s economy continues to stumble along, weighed down by property secotr debt. Consumer spending is restrained as export growth is stuttering. The days of ‘flood like’ stimulus have long passed, a series of piecemeal measures taking its place.
This article was written by Eamonn Sheridan at www.forexlive.com.
