Chinese authorities announce $44 billion stimulus package

china money currency yuan renminbi

China’s authorities said they will inject an additional 300 billion yuan ($43.8 billion) of funds to stimulate the economy.

The State Council outlined a raft of relief measures at a meeting chaired by Chinese premier Li Keqiang on August 24, state broadcaster CCTV reported. The Chinese economy is suffering from the effects of strict Covid curbs, an ongoing property market crisis and a severe drought.

Authorities said while China’s economy is improving, the basis of the recovery is not solid

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