China will step up fiscal and monetary policy support for the economy in a targeted way, state media quoted the cabinet on Friday as saying, raising expectations that more modest easing steps could be unveiled.
China’s key activity indicators showed the economy unexpectedly slowed in July, raising the heat on policymakers to ramp up measures to cope with headwinds including a resurgence of local COVID-19 cases and a slowing global economy. China will consolidate its economic recovery and keep economic operations within a reasonable range, state media quoted the cabinet as saying after a regular meeting chaired by Premier Li Keqiang. “At present, the economy continues to recover its development trend, but there are still small fluctuations,” the cabinet was quoted as saying. “It is necessary to strengthen targeted financial and monetary policies to support the real economy, further consolidate the foundation of economic recovery, maintain the economic operation within a reasonable range,” it said.
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