A total of 44 billion euros flow into infrastructure projects.
(Photo: IMAGO/Xinhua)
Beijing China has announced further billions in aid to stabilize the flagging economy. As the Chinese State Council announced after a meeting on Wednesday, more than 300 billion yuan (about 44 billion euros) in additional funds are to be made available for infrastructure expansion.
The expansion of investment should help “keep economic activities on a steady course,” said China’s Premier Li Keqiang, who chaired the meeting. Financial aid for state electricity producers was also announced.
Special bonds totaling 200 billion yuan are to be used to support energy supplies. Due to the persistent drought, power shortages had recently occurred in parts of China.
The Chinese economy is suffering because Beijing is not moving away from its “zero corona policy”. The aim of this is to nip any outbreak in the bud.
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Numerous megacities had imposed strict measures, especially in spring, to prevent the spread of the highly contagious omicron variant. In addition, problems in the real estate market are also impacting growth in China.
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