China's Cabinet: Will roll out policies to further boost consumption

China's cabinet said on Wednesday that they will roll out policies to further boost consumption, Reuters reported, citing Chinese state media.

Key takeaways

"Will maintain stability, continuity and strengthen the effectiveness of macro policies."

"Will improve pre-emptive policy fine-tuning and cross-cyclical policy adjustments."

"Will use more market-based measures to stabilise commodity prices, ensure gas, electricity supply in winter."

"Will ensure economic operation to be within a reasonable range."

"China's economy faces challenges from sporadic COVID-19 cases, high commodity prices."

"Will strengthen coordination between fiscal, financial, employment policies."

Market reaction

This statement doesn't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Futures were up 0.5% on a daily basis.