China seeks to spur infrastructure spending to revive a flagging economy by setting up a USD75bn state infrastructure investment fund, according to a Reuters report. The fund is expected to be set up in Q3, people with knowledge of the matter told the news agency. The move comes as authorities are doubling down on an infrastructure push to dust off an old playbook to revive the economy. The Chinese government has unveiled a raft of economic support measures in recent weeks, although analysts say the official gross domestic product target of around 5.5% for this year will be hard to achieve without doing away with its strict zero-COVID strategy.
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