Explainer | 13 of China’s biggest fiscal manoeuvres to boost economy since the pandemic years
- The People’s Bank of China keeps a running tab of big policy moves, and it shows trillions of yuan worth of support measures employed since 2021
- Initiatives have generally been sector-specific, with financial authorities intent on taking targeted steps rather than heeding market calls for a full-blown stimulus
China’s recent unveiling of a massive relending package to help rescue the distressed property sector marks the latest in a series of targeted schemes to support small businesses, shore up the agriculture sector and amplify poverty-alleviation efforts across the country.
The use of structural support tools in recent years has largely reflected an intention by the People’s Bank of China to hone in on specific obstacles impeding growth of the world’s second-largest economy, rather than embrace across-the-board loosening, despite persistent market calls for more impactful stimulus measures in the wake of the pandemic.
As of the end of last year, the size of the relending tools on offer totalled 7.5 trillion yuan (US$1.03 trillion), or 16.4 per cent of the central bank’s assets, according to its publicised figures.
Here, the Post breaks down where the PBOC has splashed out on relending programmes and support measures in recent years.
May 2024: Relending funds to help turn unsold homes into affordable housing (300 billion yuan)
