China to Accelerate Projects, Boost Consumption to Spur Recovery

China will speed up fund injections to expedite project construction and boost domestic consumption, China's state planner said on Monday, even after the economy showed signs of renewed momentum last month, Reuters reported. The world's second-biggest economy slowed sharply in the second quarter, dragged down by a deepening property crisis, and slowing exports and imports. 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 spokeswoman Meng Wei at the National Development and Reform Commission (NDRC). Shanghai, which lifted a two-month Covid lockdown in June, said it would hand out "consumption vouchers" worth around 100 million yuan ($14.3 million) to residents starting Tuesday, for use in a major shopping district. Read more.
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