Chinese stocks soared Tuesday morning as Beijing pledged measures to bolster China's sputtering economy.
on renewed debt fears. The Chinese government cracked down on the property sector's debt levels in August 2020.
The stock rebound comes after China's top leaders pledged on Monday to ramp up policy support to boost domestic consumption as the post Covid rebound has been slower than expected., performing worse than the 7.3% economist predicted. This was a 0.8% growth from the first quarter, and was slower than the 2.2% quarter-on-quarter pace recorded in the January to March period.
"The meeting emphasized that it is necessary to actively expand domestic demand, give full play to the basic role of consumption in driving economic growth, expand consumption by increasing residents' income," according to Xinhua. "It is necessary to boost the consumption of automobiles, electronic products, and home furnishing, and promote the consumption of services such as sports, leisure, and cultural tourism," said the report.
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