China doubles down on moves to mend its economy and fend off a financial crisis

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — China’s leaders have launched a barrage of new policies to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace this week when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. A collapse in China’s real estate market has been one of the key factors hindering the country’s recovery from the shocks of the COVID-19 pandemic. At stake is a major driver in global economic growth and consumer demand in one of the world’s biggest markets.