China Extends Economic Lifeline: Relief Measures Expand

The Chinese government is urging local authorities to bolster financial relief measures in light of persistent economic challenges projected through 2025. With a focus on major upcoming holidays, officials are prioritizing aid for vulnerable groups, including the unemployed and financially distressed families, in an effort to stimulate domestic demand.

The Chinese government is pressing local authorities to intensify financial relief efforts as the nation's economic struggles continue, potentially extending into 2025. With property crises and soft domestic demand dampening economic momentum, officials see supporting vulnerable groups as critical.

Ahead of New Years' celebrations and the Lunar New Year, wealthier locales are encouraged to provide one-time allowances to those in need, according to the Ministry of Civil Affairs. Similar directives were issued this past September before another major holiday, with a focus on aiding the extremely poor, orphans, and others in difficult situations.

The Ministry emphasized strengthening support for the unemployed without benefits and those with no income sources. Official data shows a 25.5% increase in unemployment insurance payouts this year. Meanwhile, the World Bank warns of slowing poverty reduction due to sluggish growth, indicating a need for revived household consumption.

(With inputs from agencies.)