Beijing is planning major steps to revive the country’s flagging economy, including the possibility of billions of dollars in new infrastructure spending, and looser rules to encourage property investors to buy more homes, people familiar with the discussions say.
The push follows a series of interest rate cuts by China’s central bank this week, including one on Thursday which cut a key policy rate for the first time since August, as fresh data showed the country’s economic recovery is flickering out.
The moves are a sign that Beijing officials are increasingly uneasy about the economy’s prospects now that a wave of excitement following the country’s abandonment of its draconian Covid-19 controls has receded.
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