MNI BRIEF:China To Stabilise Jobs, Boost Consumption-Politburo

China will expand high-level opening up and focus on stabilising employment, enterprises, markets, and expectations, in a bid to respond to external uncertainty with high-quality development, Xinhua News Agency reported citing a statement following the Politburo meeting.

The authorities will also introduce additional measures according to a changing situation, strengthen extraordinary counter-cyclical adjustments to ensure economic development and social stability, the meeting said, noting that the ratio of unemployment insurance refunds for enterprises greatly affected by U.S. tariffs will be increased.

To boost consumption, it will be necessary to boost the income of low- and middle-income groups, develop service consumption, remove restrictive measures in the consumption field as soon as possible and establish re-lending facilities for services and elderly care, the meeting said. Increased funding support will be provided to expand the consumer goods trade-in scheme and major infrastructure constructions, the meeting added. (See MNI INTERVIEW: China To Boost Stimulus In U.S. Tariff Response)