More economic support steps promised

Business | Reuters 24 Dec 2018

The head of China's top economic planning agency says it will roll out more support measures to boost the economy, especially in the advanced manufacturing sector, state media reported.

China will vigorously support the private sector and resolve the financing difficulties of private firms, Xinhua News Agency quoted National Development and Reform Commission chairman He Lifeng as saying at a year-end conference.

China will keep economic growth within a reasonable range and actively manage external risks and challenges, He said, in comments largely in line with those made by leaders at the Central Economic Work Conference, a gathering of party leaders and policymakers that concluded on Friday. He said China will also speed up the restructuring of traditional industries and will step up financial support to provide medium-to-long- term capital to the technological transformation of manufacturing firms.

China's economic growth slowed to 6.5 percent in the third quarter, the weakest pace since the global financial crisis. The government has launched a raft of measures, including reductions in reserve requirements for banks, tax cuts and more infrastructure spending, to ward off a sharp deceleration.

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