China unveils support measures as lockdowns batter economy

China’s central bank unveiled measures to support the economy after official data highlighted the worsening impact of a wave of lockdowns on consumer activity.

The 23 measures, which were published late on Monday, encouraged financial institutions to support local government infrastructure projects and the country’s struggling property sector, as well as provide financial services to industries hit by the pandemic.

China’s monetary policy has come under growing pressure from a property slowdown and wider loss of economic momentum, which has been exacerbated in recent weeks by a spate of lockdowns that aim to curb the country’s worst Covid-19 outbreak in two years.

Shanghai, the country’s biggest city and financial hub, imposed a citywide lockdown in late March and remains largely sealed off, while restrictions have since spread to dozens of other cities.

On Friday, the People’s Bank of China cut the reserve requirement ratio for banks…

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