China plans measures to stimulate the economy — official

China on Saturday declared plans for stimulating its economy by amending lending policies and issuing treasury bonds to back up major banks and the property sector. Minister of Finance Lan Fo'an said at a news conference that the government would soon take measures to bolster the economy by elevating the level of debts on a large scale to substitute the illicit government debts and help it cope with "their repercussions." The planned modifications cover the issuance of debts, he said, affirming that Beijing plans to develop "a real economy," with the issuance of local government bonds, in tandem with new taxation policies to ensure stability of the real-estate sector. He has affirmed that special bonds will be issued to back the major commercial banks, renew their basic capitals and enhance their lending capacities as well as facing the challenges. The minister did not reveal statistics with regard of the issues he addressed at the new conference. Some observers believe that the mega Chinese economy has re cently slowed down amid spending contraction. China, the world's largest high technology exporter, is reputed to have the second-largest financial assets in the world, valued at USD 17.9 trillion as of 2021. Source: Kuwait News Agency