China's leadership pledged at a key Communist Party meeting this week to support the economy through a 'tortuous' post-pandemic recovery, but offered very little detail on specific measures, causing mixed feelings among investors and economists.
WHAT ARE THE KEY CONCERNS ABOUT CHINA'S ECONOMY?
Options include government-funded consumer vouchers, significant tax cuts, encouraging faster wage growth, building a social safety net with higher pensions, unemployment benefits and better, and more widely available public services.They would require indebted local governments to renounce revenue and increase expenditure, forcing the national government in Beijing, which has spent decades centralising power, to transfer resources to cities and provinces and take on some of their debts.
The onus is on the private sector to provide those jobs, but many businesses lack confidence after years of crackdowns on the tech, financial and other industries.
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