Multi-pronged economic stimulus measures unveiled at mid-year meetings

China

Multi-pronged economic stimulus measures unveiled at mid-year meetings

2025-08-04 20:08 Last Updated At：21:57

Several government bodies have held mid-year meetings to better support economic growth for the rest of the year after the top leadership on July 30 held a meeting to analyze the current economic situation and make arrangements for economic work in the second half of this year.

The People's Bank of China (PBoC), the country's central bank, has pledged to maintain a moderately accommodative monetary policy while ensuring ample liquidity to further support the real economy.

To fully unleash domestic demand, the Ministry of Finance has committed to rolling out subsidies for personal consumption loans in key areas and business loans in the service sector.

Meanwhile, the National Development and Reform Commission, the country's top planner, announced plans to issue a fourth batch of ultra-long special treasury bonds worth 69 billion yuan (almost 10 billion U.S. dollars) in October, targeting trade-in programs for consumer goods.

The Ministry of Industry and Information Technology also plans to intensify efforts in fostering new consumption trends.

Additionally, China will continue to boost emerging industry as well as scientific and technological innovation through multiple policies, and eliminate "rat race" competition in some key areas including new energy vehicles and photovoltaics.

UNGA President warns global multilateral system "under attack"

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.