China’s leaders have vowed to spur consumer spending, tackle unemployment and give more support to the ailing property sector as the world’s second-largest economy makes a “tortuous” recovery from the pandemic.
But the promises of more stimulus in the second half of the year from the Communist party’s ruling politburo were light on details and unlikely to reassure investors worried by disappointing growth in the second quarter.
A readout from a keenly awaited meeting of the 27-member politburo on Monday said it believed the economic recovery was making “tortuous progress” and it was “necessary to actively expand domestic demand” and “expand consumption by increasing residents’ income”.
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