- Politburo calls for measures to stop property market decline
- Pledge to ensure fiscal spending among steps signaling urgency
The readout came hours earlier than normal, just as afternoon trading began. After its release, China’s CSI 300 Index — a gauge of onshore Chinese stocks — extended gains to 4.2%, erasing losses for the year, while a gauge of developers tracked by Bloomberg jumped 15.9%. The focus on the economy in the Politburo meeting this month — the first time since 2018 — was unusual and speaks to officials’ desire to allay rising economic anxiety after China’s growth slowed to the worst pace in five quarters. “This stimulus package endorsed by today’s Politburo meeting represents a strategic shift in macro policy,” said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc. “If there are more substantial fiscal supports and a pick-up in government spending, it will probably be sufficient to drive a turnaround in business confidence, market sentiment and economic activities.”