China State Council Pledges Policy Support to Meet Growth Target

The State Council of the People's Republic of China pledged on September 28 to increase counter-cyclical policy support to ensure the country meets its annual economic growth target of 4.5% to 5%. Chaired by Premier Li Qiang, the cabinet meeting focused on accelerating the issuance of government bonds and the implementation of existing policy measures to combat slowing economic momentum.

The government plans to expand relending facilities for small firms, agriculture, and technology innovation. Officials are also studying new measures to stabilize the housing market, income growth, and employment. Additionally, the cabinet urged the immediate commencement of major infrastructure projects linked to the 2026-2030 five-year plan's six national networks.

This policy shift follows a second-quarter growth slowdown to 4.3%. The decision comes amid weakening industrial output, retail sales, and investment recorded at the start of the third quarter.