How China wants to turn the economic tide
STORY: How China wants to turn the economic tide
China’s economy narrowly missed a contraction in Q2, growing just 0.4% year-on-year
The government has set a 2022 growth target of around 5.5%
A priority will be put on stabilizing employment and prices, state media reported after a regular cabinet meeting
To spur growth China is issuing debt to fund big infrastructure projects
Authorities have given policy banks 800bn yuan ($118bn) in new credit quotas
And allowed them to issue 300bn yuan ($44bn) in bonds
Local governments were urged to speed up projects and create jobs for migrant workers, state media said
The nationwide survey-based jobless rate eased to 5.5% in June from 5.9% in May
But youth unemployment hit a record 19.3%
The CPI rose 2.5% from a year earlier in June, the highest in 23 months
