China Gives Rare Handouts to Boost Sentiment Before Long Holiday
- One-off subsidies meant for the poor before key Oct. 1 holiday
- More measures anticipated from Xi meeting after PBOC easing
WATCH: Minmin Low reports on Beijing giving one-off cash handouts to people in extreme poverty.
Source: BloombergThis article is for subscribers only.
China said it will give one-off cash handouts to residents facing hardship and vowed more benefits for some unemployed people, in a rapid-fire round of measures seeking to boost consumption and allay growing economic anxiety ahead of a key national holiday.
The government announced the handouts and subsidies on Wednesday, a day after top officials boosted the market with a broad policy package aimed at arresting a growth slowdown that has battered consumer confidence and spurred labor protests. On the same day, Shanghai said it would issue more than 500 million yuan in consumption vouchers to encourage spending in a city as populous as Australia.