China’s top economic planner pledged to reduce companies’ financing costs by cutting interest rates as downward pressure on economic growth increases.
Decision makers will lower benchmark interest rates and banks’ reserve requirement ratio at appropriate times, the research department of the National Development and Reform Commission said in a statement on its website Wednesday.
The government will work at easing financing difficulties faced by private firms by setting up government-led guarantee firms, the NDRC said.
The planning agency also said the government will offer more incentives for home buyers, such as subsidies, in some cities to help sell new homes.
An official gauge of the country’s factory activity showed a contraction for the first time in five months. China’s official manufacturing purchasing managers index edged down to 49.9 in July from June’s 50, a mark that separates expansion from contraction, official data showed Monday.
The central bank last lowered banks’ reserve requirement ratio, or the portion of deposits it asks banks to set aside as reserves, in March and cut benchmark interest rates October last year.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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