“The Chinese economy has indeed encountered new downward pressure, while the global economy is slowing down,” Li said at the end of the annual session of the Chinese National People’s Congress. The smaller Shenzhen Composite Index ended up 1.4 percent and the ChiNext Composite Index start-up board was higher by 0.8 percent. China must “prevent a tide of unemployment,” Li said. China could use tools such as lowering interest rates and reducing the amount of cash banks must keep in reserve to support growth, he said. Last year, China lowered banks’ reserve requirement ratios five times to release more funding into the economy and further cuts are expected this year.
Source: Taipei Times March 15, 2019 15:56 UTC