China has announced a string of fiscal stimulus measures to try to counter the economic damage of the country's tariff war with the U.S. It comes ahead of a trade meeting between the two countries later this week.
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00:00China's economy is about to receive a ton of fiscal support from the government to try
00:05to counteract the impacts of the ongoing tariff spat with Washington.
00:09Measures laid out by Beijing's top financial officials include lowering interest and mortgage
00:14rates, reducing bank reserve requirements to free up more cash for lending, and help
00:19for some of China's biggest listed companies affected by tariffs.
00:23Additionally, China's central bank will set up low-cost re-lending facilities for people
00:27buying tech-related bonds and for investments in elderly care and services.
00:33Global markets and supply chains, particularly in the U.S. and China, have been reeling since
00:37the Trump administration's tariffs brought most bilateral trade between two of the world's
00:42biggest trading partners to a near standstill.
00:44The measures come just days ahead of a planned meeting between top U.S. and Chinese officials
01:05in Switzerland for their first high-level trade talks since the tariff war began, a sign
01:10that both Washington and Beijing are looking to ease tensions and restart trade.
01:16Asian markets responded positively to the stimulus measures and the news that the U.S. and China
01:21will meet, inspiring hope that this tit-for-tat trade war between the world's two largest economies
01:28could soon come to an end.