Chinese leaders recognized that previous central bank measures to stimulate investment were not enough, vowing to use state spending to meet a 5% economic growth target.
The Chinese politburo's plan includes offering benefits to families with multiple children and giving local governments the financial ability to intervene in the housing market.
Oversupply of housing has led to falling prices in many cities, pushing households into negative equity and contributing to a broader economic downturn.
This coordinated approach represents a significant shift in strategy, acknowledging that new challenges require urgent and substantial measures to stabilize the economy.
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