Beijing Steps In To Revive the Economy

Commerce Vice-Minister Wang Shouwen said at a press conference yesterday that the nation will make port operations more efficient and hold more online trade fairs, among new measures to ease pressure on foreign trade.

China would introduce targeted measures to boost trade, including aid from banks on issues related to currency, shipping costs and export tax rebates. Conditions in China are easing further to revive the economy.

The transport ministry will help improve port operations and more online trade fairs will be organized to help firms secure orders, Wang added.

At the same conference, Zhou Yu, an official at the People’s Bank of China, said cuts in the prime lending rate since last year continue to alleviate the issue of corporate financing.

Zhou said that the corporate lending rate for the first four months of this year hit a new low of 4.39 percent, and was 0.22 percentage points lower than last year’s full-year level.

Meanwhile, Goldman Sachs economists said rolling back tariffs on Chinese goods may reduce US inflation and push the yuan up 1.2 percent against the dollar should Washington remove levies on all consumer products.

Separately, Shanghai officials are seeking to revive confidence among multinationals bruised and frustrated by the city’s Covid lockdown by holding 20 meetings with foreign firms and easing a key border requirement for overseas workers.

The first of two meetings held so far was attended by executives from US blue chips such as Procter & Gamble and Johnson & Johnson. The second included automakers Tesla, General Motors and Ford.

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