China has unveiled measures to boost its sluggish economy, in the strongest indication yet of the leadership’s concern about the slowdown and one that also underscores a shift in Beijing’s approach to managing its economy.
The “mini stimulus”, though limited in size, could herald more policy moves to prop up growth. The government will eliminate taxes on small businesses, reduce costs for exporters and line up funds for the construction of railways.
Unlike 2008 when China deployed a gargantuan stimulus package to fend off the global financial crisis, it is instead using a series of targeted reforms to reduce the power of the government and give companies more space to operate.
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