China to launch more detailed policies in Sept to stabilize economic recovery

China will unveil more detailed policies in early September to boost demand and stabilize the foundation of economic recovery, according to a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

To tackle the unexpected hit to the economy, China will make full use of the policy instruments prepared in recent years and launch a policy package and follow-up measures to stabilize the economy promptly and decisively, according to the meeting, China Media Group reported.

Last Wednesday, the State Council announced 19 new policies, including raising the quota on policy bank financing tools by 300 billion yuan ($43.5 billion).

China will support the "rigid demand" of first-time homebuyers and upgraders and require local authorities to handle phased credit policy and special loans to ensure the completion of unfinished pre-sale properties in a flexible way, the meeting said.

The meeting also said China would leverage policy-based and developmental financial instruments to support, among others, projects for upgrading old residential neighborhoods and construction of provincial expressways along with attracting more private capital.

(CGTN)