China tries to calm markets by pledging support for economy

China’s leaders are trying to calm jittery investors by promising more help for its struggling real estate industry, internet companies and entrepreneurs who want to raise money abroad

BEIJING -- China’s government tried Wednesday to reassure jittery investors by promising support for its struggling real estate industry, internet companies and entrepreneurs who want to raise money abroad after regulatory crackdowns caused stock prices to plunge.

Regulators should issue market-friendly policies to “invigorate the economy,” officials said at a Cabinet meeting led by Vice Premier Liu He, President Xi Jinping’s top economic adviser, according to the official Xinhua News Agency.

The ruling Communist Party is trying to revive economic growth that slid to 4% i n the final quarter of 2021, compared with the full year’s expansion of 8.1%. That was triggered by a collapse in construction and housing sales after Beijing launched a crackdown on debt in real estate that officials worry is dangerously high.

The economy also is under pressure from anti-coronavirus measures that shut down the southern business center of Shenzhen and other cities. That has fueled worries about possible disruption of manufacturing and trade.