The State Council, which is the head of the executive in China, announced a new package of 146 billion dollars.
Chinese authorities are announcing stimulus packages one after another in order to meet the receding growth target. The State Council, the head of the executive in China, announced on Wednesday a policy package worth 1 trillion yuan ($146 billion).
According to the package, 300 billion yuan will be provided to state banks to invest in infrastructure projects. Special bonds of 500 billion yuan will be provided to local authorities. Chinese Premier Li Keqiang stated that they are ready to use all the tools at their disposal.
On the other hand, Goldman Sachs economists believe that the last package announced will not accelerate the growth at the 3 percent level.