China Puts Its Foot on the Gas to Spur a Faltering Economy
As the economy show signs of cooling amid Covid shutdowns, China is putting its foot on the gas to spur consumption, speed development of new-energy vehicles, open duty-free shops in cities and generate jobs for young people.
The State Council, China’s cabinet, issued sweeping guidelines Monday for bolstering economic activity after retail sales fell 3.5% year-on-year in March, the first contraction since August 2020. China is battling its worst Covid-19 outbreaks since the early days of the pandemic, resulting in lockdowns in multiple cities including Shanghai and part of Beijing.
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