The government of the world’s most populous country intends to boost its economy and stabilize its economic growth in 2022. It will even issue bonds and introduce hundreds of billions of dollars in tax cuts.
The Chinese government has already issued more than $229 billion in bonds to support economic growth. The money will be used mainly for local governments to finance investments. The government hopes to kick-start the growth of the world’s second-largest economy. In addition, he will present another round of tax cuts, which he also wants to support the country’s economic growth.
China’s economy slowed down significantly after the coronavirus pandemic, although it did not fall into recession for all of last year. Unlike the most developed countries of the world. China’s gross domestic product grew by 2.35 percent in 2020, according to World Bank data. For the whole of 2021, economic growth is expected to exceed the six percent mark. Before the outbreak of the coronavirus pandemic, while growth in china’s economy’s output slowed, it was between six and ten percent per year for many years. At least above six percent, the Chinese government would like to maintain economic growth for years to come.