BEIJING: Early epidemic control efforts by the government had kept most people across China indoors and factories, shops and restaurants shut, which had proved key to the anti-virus battle but also resulted in disruptions to economic activities and supply chains.
While the epidemic has caused relatively big shocks to the economy, the impacts are largely"short-term, external and controllable," NBS spokesperson Mao Shengyong said at a press conference.
On the outlook for the second half of the year, forthcoming stronger macro policies will put the economy on steadier footing, according to Mao. Starting Monday, China's central bank implemented targeted reserve requirement ratio cuts for eligible banks, the second such cuts this year, that would release another 550 billion yuan of liquidity into the market.
On the fiscal side, the Ministry of Finance has allocated quotas for new local government bonds ahead of schedule and rolled out tax and fee cuts to hard-hit sectors.
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