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China plans more support for economy

China plans more support for economy
FILE PHOTO: A Chinese flag flutters in front of the Great Hall of the People in Beijing, China, May 27, 2019. REUTERS/Jason Lee -
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JASON LEE(Reuters)
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BEIJING (Reuters) – China plans to provide more support for its economy, including investing in infrastructure projects and regional development, while maintaining a prudent monetary policy with “reasonably” ample liquidity, the State Council said on Sunday.

As the world’s second-largest economy weathers its biggest slowdown in decades, the State Council said the government aimed to better integrate fiscal, financial and monetary policies, deepen capital market reforms and further open up the financial sector.

“We attach great importance to the development of infrastructure, high-tech, traditional industrial transformation, social services and new growth regions,” the State Council said in a statement following a meeting of the Financial Stability and Development Commission (FSDC) chaired by Vice Premier Liu He on Saturday.

China’s economy faces pressures from a bruising trade war with the United States. The two countries began imposing additional tariffs on each other’s goods on Sunday, the latest escalation in the trade dispute, despite signs that talks would resume some time this month.

China’s vast manufacturing sector shrank in August for the fourth month in a row, data showed on Saturday, although the services sector picked up for the first time in five months.

The State Council said the government would also encourage banks to use more innovative tools to replenish capital through multiple channels, but did not elaborate.

(Reporting by Shivani Singh, Yawen Chen and Judy Hua; Editing by Raissa Kasolowsky and Susan Fenton)

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