China is now intensifying its post-pandemic mode, planning stronger steps to revive its economy, as local coronavirus cases have dwindled and those in the past week have all been imported.
The government is set to unleash billions of dollars in stimulus, as the world’s second largest economy is expected to shrink for the first time in four decades this quarter.
The ruling Communist Party Politburo called for expanding the budget deficit, issuing more local and national bonds, guiding interest rates lower, delaying loan repayments, reducing supply-chain bottlenecks and boosting consumption.
“We expect government ministries to roll out more tangible measures in the coming weeks as this Politburo meeting gave them no choice but to do more,” Goldman Sachs analysts said in a note.
Restrictions on foreigners entering the country went into effect this morning, as China reported no new locally transmitted infections and a small drop in so-called imported cases.
Airlines have been ordered to sharply cut international flights as of tomorrow.
Beijing has in recent days emphasized the risk posed by imported virus cases after widespread lockdowns within China helped to sharply reduce domestic transmissions.
The Politburo said it would shift its focus to prevent more imported cases and a rebound in locally transmitted infections.
The authorities also reversed planned reopenings of movie theaters, the state-owned China Securities Journal reported, citing sources.
Today, 54 new coronavirus cases were reported across the Chinese mainland, all imported.
The number of infections for mainland China stood at 81,394, with the death toll rising by three to 3,295.
Edited by Constandinos Tsindas