China will step up macroeconomic policy support to stabilise the economy as domestic COVID-19 outbreaks and the Ukraine war raise risks, state media quoted the Politburo, a top decision-making body of the ruling Communist Party, as saying on Friday (Apr 29)
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China will adopt a package of policies to help COVID-hit industries and small firms, the media reports added, citing a meeting of Politburo chaired by President Xi Jinping.
"The COVID-19 and Ukraine crisis have led to increased risks and challenges. The complexity, severity and uncertainty of China's economic development environment have increased," the Politburo was quoted as saying.
"Stabilising growth, employment and prices are facing new challenges. It is very important to do a good job in economic work and effectively protect and improve people's livelihood."
Financial markets were hit hard over the past two weeks on fears that lockdowns in China would cause severe damage to its economy and derail a global recovery just as many countries are rebounding from the pandemic-led slumps.
