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MNI BRIEF: China To Boost Consumption With Lower Mortgage Rate

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(MNI) Beijing
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China will further reduce mortgage loan rates, relax restrictions on house and automobile buying and increase employment to boost consumption, said Yang Weimin, former vice minister at the Office of the Central Leading Group on Financial and Economic Affairs, during the China Development Forum 2024 on Monday.

Consumption after the Covid pandemic had weakened, he said, noting China's macro policy will work to boost domestic demand while deepening supply-side reform in the future. The country will further lower household sector taxes in the new round of reform to increase resident income. (See MNI: China's Mega Cities To Ease Homebuying Limits Progressively)

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China will further reduce mortgage loan rates, relax restrictions on house and automobile buying and increase employment to boost consumption, said Yang Weimin, former vice minister at the Office of the Central Leading Group on Financial and Economic Affairs, during the China Development Forum 2024 on Monday.

Consumption after the Covid pandemic had weakened, he said, noting China's macro policy will work to boost domestic demand while deepening supply-side reform in the future. The country will further lower household sector taxes in the new round of reform to increase resident income. (See MNI: China's Mega Cities To Ease Homebuying Limits Progressively)

Keep reading...Show less