Henan is implementing strategic projects and seeking support from ultra-long-term special treasury bonds to boost its economy. In contrast, the Chinese economy only grew by 4.7% in the second quarter, raising concerns about reaching the annual target of 5%. The Politburo is set to meet in late July to assess the economic situation and market concerns.
Guangdong province is also struggling with economic growth, and party chief Huang Kunming has vowed to deepen economic reforms. Despite being China’s top provincial economy, Guangdong faces challenges in consumption and the property sector.
To combat the economic slowdown, Guangdong plans to prioritize fiscal support for tech firms, aid developers in completing homes, and issue more consumption vouchers. Furthermore, coastal powerhouse regions are expected to drive growth in the national economy.
Experts like David Wong and Zhu Tian emphasize the importance of addressing real estate issues and unemployment to ensure steady economic growth in the second half of the year.
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