- Raising minimum wages.
- Expanding work-relief programs.
- Tackling wage arrears across the SME space.
Sunday’s pledges followed the People’s Bank of China’s (PBoC) commitment earlier this month to economic support amid US-China trade tensions. Key pledges included:
- Cutting interest rates and Reserve Requirement Ratio (RRR) when required.
- Introducing new policy tools to drive tech innovation, consumption, and trade.
- Lowering social financing costs while increasing liquidity.
Lower interest rates can reduce mortgage costs, potentially making homes more affordable and freeing up disposable income for consumers. A lower RRR may expand banks’ lending capacity for…
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