The central government of China announced on Monday morning that it intends to have local governments in the provinces provide cash assistance to individuals who are struggling under the burden of rising living costs.
At the same time, the state-run Xinhua News Agency reported another announcement from the Ministry of Civil Affairs, stating that the Chinese government also pledged to offer additional cash benefits to some unemployed individuals ahead of the important national holiday.
This step is the latest in a series of economic stimulus measures that the Chinese government pledged to implement earlier, primarily aimed at increasing domestic consumption, which is seen as crucial for economic recovery.
This followed a statement from the Governor of the People's Bank of China, Pan Gongsheng, this morning indicating that there is still room for interest rate cuts in the country.
