News Snapshot:
BEIJING, China—State support for China’s economy this year is now greater than it was in 2020, Beijing’s premier has said, surpassing help given at the height of the coronavirus pandemic as the country grapples with the impacts of its zero-COVID policy and a property sector crisis. Economists have widely predicted that China will fail to meet its 5.5- percent GDP growth target, blaming record youth unemployment, ballooning developer debt and manufacturing disruptions from frequent COVID lockdowns. “In response to new challenges, (we have) decisively launched a package of policies to stabilize the economy. Their strength surpasses those of 2020,” Premier...
