At an annual gathering of the Chinese Communist Party and the cabinet, Xi Jinping and top officials stated that the government should allow a bigger budget deficit, borrow more, and cut interest rates. This reflects Beijing’s willingness to adopt aggressive measures to stimulate spending and counteract years of weak consumer demand.
China's leaders acknowledged the necessity of adopting a stronger economic approach, marking the first shift in monetary policy since the global financial crisis, signaling an intent to lower interest rates, increase spending, and maintain gross economic stability.
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