China unveils plan to shore up industrial economy

China announced that it will roll out a slew of measures to sustain the recovery momentum of the industrial economy, Chinese news agency, Xinhua, reported. Industry, region and enterprise-specific measures will be adopted to secure the sound development of key industries, boost coordinated regional development, and inject vitality into industrial enterprises, as per official document.

Efforts will be made to tackle key issues facing the industrial economy, including accelerating the construction of major projects, tapping into market potential to grow consumer demand, stabilising exports of industrial products, improving the resilience and security of industrial and supply chains, and fostering new growth drivers, the document said. It also stressed the importance of efforts to guarantee sufficient supplies of energy and raw materials to maintain the stable operations of key industrial and supply chains.

Additionally, China's monetary policy is providing vigorous support for the economy to withstand challenges from COVID-19 resurgences and external headwinds, the country's central bank governor said Monday.