State support for the mainland economy this year is now greater than it was in 2020, Premier Li Keqiang has said, surpassing help given at the height of the coronavirus pandemic.
"In response to new challenges, [we have] decisively launched a package of policies to stabilise the economy. Their strength surpasses those of 2020," Li said during a State Council conference on Monday.
Li had earlier in August, told officials that "the number of people in difficulty has seen an increase" due to the coronavirus and recent natural disasters. A severe drought and heatwave had shut down manufacturing hubs and severely impacted the agricultural sector.
Real estate sales, a major economic driver, fell 22 percent in August, year on year, while new home prices have fallen for 11 months straight, according to data released earlier this month.
The country's economic growth came in at 0.4 percent on-year in the second quarter – the slowest rate since the pandemic began in 2020.
Beijing has taken a number of steps to help revive its economy, including a ramping up of infrastructure investment, tax credits and loan facilities for SMEs.
Chinese banks last week lowered their benchmark lending rates, including on mortgage loans, for the second time this year.
Beijing also announced last week that it would allow local governments to issue more bonds. (AFP)