China Acts to Boost Lending, Spending Amid Slowing Growth
• China taking new measures to prop up financial markets and rekindle economic growth as GDP growth slows
• Seeking to boost lending, consumer spending, and confidence in Chinese markets amid stock declines
• Addressing real estate/property crisis that has stalled projects and eliminated jobs, impacting growth
• Cut bank reserve requirements to free up $140B, reduced interest rates, eased lending rules for developers
• Reforms needed long-term to encourage domestic spending over saving and sustainable private sector job growth