Caixin
Apr 27, 2022 03:38 AM
ECONOMY

China Puts Its Foot on the Gas to Spur a Faltering Economy

Consumers shop at a supermarket in Nanjing April 24, 2022.
Consumers shop at a supermarket in Nanjing April 24, 2022.

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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