China reveals more details on measures to stabilise economy

China's State Council has revealed more details of 33 measures to stabilise the economy, covering fiscal, financial, investment, and industrial policies. To revive investment and consumption, the government also ordered localities not to expand curbs on auto purchases and said those that already have curbs in place should gradually increase their quotas on car ownership. It also pledged to increase the amount of emergency loans for civil aviation by RMB150bn. The stimulus package underscores Beijing's shift toward growth after Covid control measures pounded the economy and threatened Beijing's 5.5% growth target for the year. Pang Ming, chief economist at Huaxing Securities, said the impact of Covid outbreaks in May has not fully ended, leaving the economic outlook grim since the second quarter of 2020.