China unveils mini stimulus as economy sputtersBy AP News Apr 03, 2014 1:21PM UTC
HONG KONG (AP) — China’s leaders have unveiled a mini-stimulus aimed at shoring up sputtering growth in the world’s No. 2 economy.
Under the batch of measures announced by Premier Li Keqiang, small businesses will get bigger tax breaks, social housing will be built to replace shantytowns and railway construction will be sped up.
Li, China’s top economic official, announced the new measures on Wednesday evening after a regular meeting of the State Council, China’s cabinet.
It comes as signs mount that China’s economy continues to slow, raising fears it may expand less than the 7.5 percent that the country’s leaders have officially targeted.
China’s policymakers are opting for smaller, more finely tuned economic relief measures rather than the massive spending and borrowing they unleashed following the 2008 financial crisis.