However, policymakers will remain wary of aggressive support measures for property, unwilling to fan speculative real estate investment, especially in big cities, after massive oversupply in the sector.
Another source said a cut to the People’s Bank of China’s reserve requirement ratio was increasingly possible. Thursday’s data showed private fixed-asset investment fell 0.1 percent in January-May from a year earlier, a sharp contrast to the 8.4 percent rise in state-sector investment.Local governments are likely to quicken bond issuance in the coming months to fund infrastructure projects, and authorities may give more support to consumers, especially for purchases of cars and home appliances, policy insiders said.
China remains on track to hit its 2023 growth target of around 5 percent, versus last year’s 3 percent increase, but activity in recent months has been weaker than expected and policy support is needed to restore momentum amid fears of job losses and local financial stress, policy insiders said.
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