China's top leaders have pledged to loosen monetary policy and provide more support for the slowing economy.
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World Bank President Ajay Banga attends the"1+10" Dialogue on Building Consensus on Development to Promote Global Common Prosperity at the Diaoyutai State Guesthouse in Beijing, Monday, Dec. 9, 2024. Chinese Premier Li Qiang, center, gestures as President of the New Development Bank Dilma Rousseff, left, and Rebeca Grynspan, right, secretary-general of the United Nations Conference on Trade and Development , arrive at the"1+10" Dialogue on Building Consensus on Development to Promote Global Common Prosperity, at the Diaoyutai State Guesthouse in Beijing, Monday, Dec. 9, 2024.
Shares in Hong Kong jumped Monday after state media released a report on the meeting by the ruling Communist Party’s Politburo that said leaders would “implement more active fiscal policies and moderately loose monetary policies.”The shift to “moderately loose” from the “prudent” monetary policies of the past 14 years was taken as a significant shift by market players, unleashing a spate of buying that pushed the Hang Seng index up 2.8%.
“The readout leaves little doubt that the shift toward a more supportive policy stance that began in September is still alive and well,” Julian Evans-Pritchard said in a report. He noted that the last such shift was in late 2008, during the global financial crisis, and that it may be followed by faster interest rate cuts in the coming year.
“We must do a good job in people's livelihood protection and security and stability the ensure the stability of the overall social situation,” it said.
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