China to take more steps to support economy – state media cites cabinet

By Thomson Reuters Aug 24, 2022 | 6:38 AM

BEIJING (Reuters) – China will take more steps to support the economy, including raising the quota on policy financing tools by 300 billion yuan ($43.69 billion), state media quoted the cabinet as saying on Wednesday.

China would make good use of carryover special bond quotas of 500 billion yuan and would support centrally-owned power generations firms to issue 200 billion yuan in bonds, state media cited the cabinet as saying after a regular meeting.

China will lower financing costs for companies but will not resort to flood-like stimulus, the cabinet was quoted as saying.

($1 = 6.8666 Chinese yuan)

(Reporting by Kevin Yao and Beijing newsroom; Editing by Alex Richardson)