China Urges Measures to Help Trade, Tech Platforms: CCTV
(Bloomberg) -- China urged more support for internet platforms, small businesses and companies in foreign trade, as the economy reels from measures to contain its worst Covid-19 outbreak since 2020.
The government will ensure stable production and logistics for foreign trade, relieve congestion at ports and encourage banks to lend to firms in the sector, state-run CCTV reported Thursday, citing a State Council meeting chaired by Premier Li Keqiang. The cabinet also vowed to keep the yuan exchange rate basically stable.
Measures to support the healthy development of online platform companies should be rolled out as soon as possible, according to the meeting. Local governments should set up funds to provide subsidies to “struggling” small businesses to pay rent and interest on loans, they said.
The comments follow remarks from top leaders last week to boost stimulus and contain Covid outbreaks. Lockdown measures to curb infections have taken a significant toll on the economy, with both manufacturing and services activity plunging to their worst level since February 2020.
©2022 Bloomberg L.P.
With assistance from Bloomberg
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