China to use effective investment, not flood-like stimulus, to boost economy: state media

BEIJING :China will use effective investment to help the economy recover and will not resort to flood-like stimulus, state media said on Friday, following a cabinet meeting chaired by Premier Li Keqiang.

To spur demand, China urged local governments to speed up the use of special bonds for infrastructure that are mature and profitable, but such bonds should not be used for land reserves or to make up the gap between local fiscal revenue and expenditure, state media said. In the first half of this year, retail sales dropped 0.7 per cent from a year earlier as many consumers were confined at home amid strict anti-virus measures.

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