China has made a number of pledges recently to revive the economy’s recovery and improve the business environment as concerns about the growth outlook continue to mount.
The statements from the government and Communist Party over the past month are largely broad assurances to lift spending on things like consumer goods and cars, encourage private companies to expand investment, and to make it easier for businesses to access funding.
On July 28, three government agencies outlined a plan to increase manufacturing of small consumer goods—or the so-called light industry sector, which makes up more than a quarter of China’s exports. Steps will be taken to increase sales of green and smart home goods in rural areas, and expand the use of battery products in electric cars, power stage and telecommunications. An exchange dedicated to helping small firms get access to funds will also be expanded.
On July 27, China’s housing minister urged financial regulators and lenders to strengthen efforts to revive the sector. He called for homebuyers who had paid off previous mortgages to be considered as first-time purchasers. Up to now, many buyers in big cities who have a mortgage history but don’t currently own a property are subject to higher down-payment rules.
On July 13, the top Internet regulator released 24 guidelines for ChatGPT-style services, loosening some restrictions it proposed several months previously. On July 27, the central bank asked lenders and financial markets to provide more support for innovation and tech-related acquisitions, and to boost investment in startups.
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