China’s top economic official intervened on Wednesday to reassure investors, saying Beijing would take measures to support the economy and financial markets after a sharp sell-off that has accelerated in the wake of Russia’s invasion of Ukraine.
Liu He, a vice-premier and President Xi Jinping’s closest economic adviser, said the government would take measures to “boost the economy in the first quarter”, as well as introduce “policies that are favourable to the market”. He did not elaborate on what specific measures would be taken.
Liu made the comments after convening a special meeting of the State Council’s Financial Stability and Development Committee, which he chairs, according to a summary of the meeting published by Xinhua, China’s official news agency. The FSDC oversees the country’s main financial regulators, including the central bank and securities watchdog, and meets regularly but such a wide-ranging statement to boost confidence is rare.