China Seeks to Cushion Economy as Leaders Meet to Set Goals

China showed its determination to combat a slowdown in the world’s second-largest economy, cutting interest rates before a yearly gathering of the legislature where the Communist leadership typically unveils its goals for the year.

The People’s Bank of China announced a benchmark lending and deposit rate cut of a quarter percentage point Saturday. A day later, a factory gauge for February signaled contraction for a second month, underscoring the need for looser policy.