Beijing to increase business lending and build more affordable housing as post-Covid recovery falters
China’s politburo has signalled measures to kickstart the faltering economy as the crisis gripping the country’s debt-laden property sector continued to play havoc with growth forecasts.
Amid a warning from the International Monetary Fund (IMF) that a slowdown in the world’s second-biggest economy could hurt the global recovery from Covid-19, President Xi Jinping’s senior leadership committee rubber-stamped a plan from the central bank on Monday for more targeted lending to businesses. They also outlined support for the housing market.