State Council-Slowdown In Global Trade & Investment Has Hit Economy

(MNI) London - Comments attributed to China's State Council by CCTV regarding plans for the country's economy being reported. The State Council (the equivalent of a Cabinet, formed by heads of gov't departments) states that China 'Must stake more forceful measures in response to changes in the economic situation,' and that the gov't 'will promote continued improvements in [the] economy'. Claims that the 'Slowdown in global trade and investment has [a] direct impact on China's economic recovery.'

• State Council 'Passed plans to step up financing support for tech firms...discusses policy measures to promote economic improvements...China's overall economic operation is recovering...will prioritise support for tech startups...[Council] will step up crackdown against illegal financing...Will expedite the introduction of specific policies to promote development of venture capital funds...Will roll out policies in a timely manner when conditions are ready, and strengthen policy reserves.'
• Earlier this week, US Treasury Secretary Janet Yellen shot down calls for a 'decoupling' of the US and Chinese economies. Speaking to the House Financial Services Committee, Yellen stated that “While we surely have concerns that need to be addressed, decoupling would be a big mistake...De-risk? Yes. Decouple? Absolutely not,”