• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

China urges more aid for people in need as economic woes persist

by December 30, 2024
written by December 30, 2024

BEIJING (Reuters) – The Chinese government urged local officials to provide more financial relief or step up one-time allowances to people in need ahead of major holidays over the next month, as China’s economic difficulties are set to extend into 2025.

China’s economy has struggled to gather steam this year, mainly due to a protracted property crisis and weak domestic demand. Securing employment, particularly for fresh college graduates, is also a policy priority, authorities say.

Ahead of New Year’s Day and the Lunar New Year in late January, local governments with financial capacity are encouraged to distribute relief funds or step up one-time allowances to those in need, the Ministry of Civil Affairs said in a statement published on Saturday.

The ministry issued a similar call in late September ahead of a major holiday for one-off assistance to the extremely poor, orphans and those in difficulty.

According to the ministry’s weekend statement, assistance to certain groups, such as unemployed people who have not been paid unemployment insurance and those without a source of income, must be strengthened.

Jobless college graduates, the ill and families facing financial difficulties should also receive help, it added.

According to official data, China’s unemployment insurance system paid out 160.07 billion yuan ($21.93 billion) from January to November, up 25.5% year on year.

The ministry also urged local governments to better monitor low-income groups.

The World Bank, in a report last Thursday, said the pace of China’s poverty reduction slowed in 2024 and is expected to decelerate further in 2025 and 2026, due largely to slower economic growth projected in years to come.

Tepid household consumption, the main drag on the economy, is the key to next year’s growth recovery, analysts say. Policymakers have vowed to revive household demand.

($1 = 7.2991 Chinese yuan)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Korean acting president impeached, deepening political crisis; KOSPI falls
next post
Indonesia stocks higher at close of trade; IDX Composite Index up 0.25%

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!








    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • China outlines more controls on exports of rare earths and technology

      October 10, 2025
    • Paramount acquires Bari Weiss’ The Free Press, naming her the top editor of CBS News

      October 7, 2025
    • YouTube to pay $24 million to settle Trump lawsuit

      October 1, 2025
    • Charlie Javice sentenced to 7 years in prison for fraudulent $175M sale of aid startup

      October 1, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (651)
    • Stock (6,426)

    Latest News

    • China outlines more controls on exports of rare earths and technology
    • Paramount acquires Bari Weiss’ The Free Press, naming her the top editor of CBS News

    Popular News

    • Exclusive-Russia’s VTB does not expect Western sanctions to be lifted soon
    • Boeing resumes 777X test flights after grounding in August

    About The Significant deals

    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy