. Earth Science News .
TRADE WARS
Beijing sets up $120 bn credit line to drive infrastructure
by AFP Staff Writers
Beijing (AFP) June 2, 2022

China has launched a $120 billion credit line for infrastructure projects, state media reported, as Beijing tries to jump-start its ailing economy, which has been pounded by the country's zero-Covid measures.

Growth has slowed sharply in recent months as the Communist leadership sticks to a strategy of quashing virus clusters with mass tests and lockdowns -- forcing factories to halt work and clotting supply chains.

Premier Li Keqiang last week called for "reasonable" expansion in the second quarter as fears mount for the vaunted official annual growth target of around 5.5 percent.

Pump priming hard-hit provinces with infrastructure schemes has emerged as a key tool to create jobs and drive growth in local economies flatlined by the virus and a concurrent collapse in receipts from land sales to developers.

A State Council meeting chaired by Li on Wednesday approved a mammoth new sum for infrastructure.

"It is necessary to increase the credit line of policy banks by 800 billion yuan ($120 billion)," state broadcaster CCTV reported.

Experts say the announcement is likely to help provincial governments match Beijing's banner statements on supporting growth.

"It will provide long-term support to various infrastructure projects," said Betty Wang and Zhaopeng Xing of ANZ Research in a report on Thursday.

In turn that will "drive business activities along the supply chain".

The amount is "nearly half of the 1.65 trillion yuan in new policy bank lending in 2021", Nomura analysts added in a note.

The sum accounted for about a fifth of new medium to long-term loans for the infrastructure sector in 2021, the note said.

Nomura analysts estimate that Beijing has a six trillion yuan funding gap, in part due to a collapse in land sales -- a key source of funds -- and because of the Omicron wave.

The latest virus outbreak was China's worst since early in the pandemic, and caused its key business hub Shanghai to be sealed off for two months.

While the city has since eased curbs as cases drop, a rebound will be gradual -- businesses remain jittery over future flare-ups and there is a massive backlog of goods at the port.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
Asian markets mixed on inflation worry, oil bounces after drop
Hong Kong (AFP) June 1, 2022
Asian markets fluctuated Wednesday following losses on Wall Street and data reminding traders that inflation shows no sign of easing. Oil rallied after seeing a sharp drop earlier on reports that OPEC was considering suspending Russia from an output deal, which observers said could allow producers to pump more. Regional equities have enjoyed a largely healthy run of late on hopes that inflation could be nearing a peak and a sell-off across markets may have run its course, while the easing of som ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Gunmaker Ruger shareholders demand report on impact of firearms

Freedom and fear: the foundations of America's deadly gun culture

Putin ready to help overcome food crisis if West lifts sanctions

'Do something now:' mourners demand action after US school shooting

TRADE WARS
Building stock and waste as the important potential resources of Urban mining

Chemists at Jacobs University discover new class of compounds

Sunsmart streets using recycled rubber last twice as long

Is excavated soil and rock a waste? Sintering utilization says no

TRADE WARS
Decline in North Sea puffins causes concern

Pacific 'very positive' on Australian re-engagement: PM

Vanuatu declares climate emergency

Where rivers jump course

TRADE WARS
Siberian tundra could virtually disappear by mid-millennium

The Arctic's tricky quest for sustainable tourism

Scientists shine new light on role of Earth's orbit in the fate of ancient ice sheets

Historic Greenland ice sheet rainfall unravelled

TRADE WARS
Strawberry farms threaten Spanish wetlands

Digital rice selection technology

Regrow, not reuse: How restoring abandoned farms can mitigate climate change

Lab-grown meat maker Eat Just strikes deal to increase production

TRADE WARS
Bolsonaro views disaster zone from air after deadly Brazil rains

Hurricane Agatha strengthens en route to southwest Mexico

Death toll mounts from Brazil downpours as search continues

Downpours in Brazil leave at least 34 dead

TRADE WARS
DR Congo army confirms two Rwandan soldiers detained

One killed in Sudan anti-coup protests: medics

Chinese loans to Africa could spark crisis, warns Germany

Rebels kill 50 civilians in Burkina Faso: governor

TRADE WARS
Brazil's Lula slams Bolsonaro indigenous policies

Race to save undersea Stone Age cave art masterpieces

Climate change reveals unique artefacts in melting ice patches

Dancing in the light









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.