China Outlines Measures to Support Growth as Goal Recedes

China outlined a package of measures including railway spending and tax relief to support the economy and create jobs after a slowdown endangered Premier Li Keqiang’s target of 7.5 percent growth this year.

The government will sell 150 billion yuan ($24 billion) of bonds this year to help build railways mainly in the less-developed central and western regions, the State Council said in a statement last night after a meeting led by Li. Authorities will also create a development fund of 200 billion yuan to 300 billion yuan a year to increase sources of rail financing.