The world's second-largest economy has yet to achieve a highly anticipated post-pandemic recovery and the government has set a goal of five percent growth in 2024-an objective analysts say is optimistic given the headwinds it is facing.
The moves represent "the most significant... stimulus package since the early days of the pandemic", said Julian Evans-Pritchard, head of China economics at Capital Economics.
But "it may not be enough", he warned, adding a full economic recovery would "require more substantial fiscal support than the modest pick-up in government spending that's currently in the pipeline".
Beijing would also "lower the interest rates of existing mortgage loans", he added. The decision would benefit 150 million people across the country, Pan said, and lower "the average annual household interest bill by about 150 billion yuan".
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