Li Keqiang, China’s prime minister, has directed the implementation of pro-growth policies in the country’s important growth-producing provinces.
As the nation’s industrial output and retail sales fell short of expectations, the Chinese central bank lowered interest rates. A supply chain crisis including lockdowns and the closure of multiple enterprises in cities has rocked China.
According to Chinese media, Keqiang urged officials to increase spending while pledging to beef up assistance for ensuring employment and economic expansion. Li allegedly also stated that the negative spiral had happened as a result of the second quarter’s continuous lockdowns while concentrating on ‘development’.
According to reports, Chinese officials may issue more debt and bonds this year to guarantee expenditure on infrastructure. China’s economic downturn coincides with a heatwave that threatens its crop in the fall. The heatwave is expected to last for the next two weeks, according to the weather predictions.
According to Chinese media claims, officials have developed cloud-seeding rockets to ‘seed’ clouds and bring on rain. The Three Gorges reservoir’s water levels have decreased to 50% from last year, according to officials, and there is not enough water for downstream outflow into the Yangtze river.
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