China's Commerce Minister will work to drive new growth points in service consumption
Newsquawk Staff ·
- Aims to implement programs to boost major spending on autos, home goods and more.
What it means
China's Commerce Minister's focus on stimulating service consumption, particularly in sectors like autos and home goods, indicates an effort to bolster domestic demand as economic recovery continues. This could support a rebound in growth prospects, impacting commodities and consumer-related stocks as well as shifting market sentiment towards increased risk appetite regarding Chinese assets.
- China's Auto Industry Body CPCA says Tesla (TSLA) sold 67,829 China-made vehicles in Oct (prev. 95,366 M/M)
- PBoC pledges to enhance stock market support measures by expanding participation in its swap facility for securities firms, funds and insurers, moderately lowering swap fees and conducting operations when appropriate
- China proposes easing FX rules for current account transactions
- Japan's Chief Cabinet Secretary Kihara says JPY 1.1tln of reserve funds is to support fuel price measures
- Japanese PM Takaichi says they will be commencing electricity and gas support measures from December, until February
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