China tries to calm markets by pledging support for economy
ABC News
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 real estate and technology companies 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, the official Xinhua News Agency said
The announcement appeared aimed at rebuilding business and investor confidence as the ruling Communist Party tries 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%.
The downturn 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.
