Reuters: China will increase economic demand and infrastructure construction in the third quarter, state planners said Tuesday.
The comments followed July statistics showing the world’s second-largest economy unexpectedly declined, with property investment plunging at the fastest level this year.
Yuan Da, a spokesman for the National Development and Reform Commission (NDRC), said, “China will improve its policies for a long-term economic recovery.”
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China will use more local government bonds and policy bank loans.
In July, the NDRC approved eight fixed-asset investment projects totaling $34.89 billion.
An NDRC official said China had issued most of the 3.45 trillion yuan in infrastructure bonds by July 31, an NDRC official said. part of 2022’s 3.65 trillion yuan yearly special bond allotment.
China is spending more on infrastructure to help its economy, which is slowing because of COVID-19 rules, a troubled real estate market, and low demand.
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In the first seven months of the year, investments in infrastructure went up by 7.4%, according to data from the Statistics Bureau.
“Youth employment is under pressure this year due to structural, cyclical, and seasonal issues,” said Yuan.
China will boost youth startups and employment.
Employment was precarious. The national survey-based jobless rate fell somewhat in July from June, but youth unemployment reached a record 19.9%.
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$1 equals 6.7867 yuan.
