China state planner lays out further actions to boost economy but no new plans for major stimulus
Zheng Shanjie, chairman of China's National Development and Reform Commission, on Tuesday pledged a raft of actions to bolster the country's economy during a highly-anticipated press conference.
But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets.
China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said.
Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year.
The central government will release a 100 billion yuan investment plan for next year by the end of this month, ahead of schedule, a senior official added.
The NDRC head was speaking at a press briefing with four other key officials of the country's economic planning agency. The briefing came as markets inmainland China returned from Golden Week, a weeklong holiday that started Sept. 30.
The rally in Chinese market lost steam as policymakers held back from delivering more stimulus measures. The CSI 300 blue chip index pared gains to a 5% rise, after skyrocketing over 10% on open. The Shanghai Composite Index and SZSE Component Index similarly dialed back gains to around 5% and 8%, respectively.
China is «fully confident» to achieve the full-year economic growth target this year, Zheng said, while pledging some measures to support the property market and boost domestic spending.
«The absence of specific figures may not be a negative sign», Yue Su, principal economist at the Economist Intelligence Unit, said in a note. China's «pro-growth
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