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Following a meeting of the Financial Stability and Development Commission (FSDC) chaired by Vice Premier Liu He on Saturday, China’s State Council announced on Sunday that it plans to provide more support for its economy, including investing in infrastructure projects and regional development, per Reuters.

The Council said: “We attach great importance to the development of infrastructure, high-tech, traditional industrial transformation, social services and new growth regions.”

 The government would also encourage banks to use more innovative tools to replenish capital through multiple channels, it added.

The Chinese stock markets are taking positive cues from the weekend announcement while upbeat Chinese manufacturing sector activity data also keeps the sentiment buoyed around the local stock markets.

It’s worth noting that the US and China started imposing additional tariffs on each other’s imports on Sunday.