China Unveils Sweeping Measures to Boost Economic Growth

China has launched a series of initiatives aimed at revitalizing its services sector, introducing measures designed to stimulate economic growth and mitigate a slowdown in the economy. Key sectors such as internet, culture, and sports were highlighted as areas for expansion.

The announcement, made by nine government agencies including the commerce ministry and finance ministry, sets out plans to attract foreign and private investment into areas like high-end medical care. Additionally, the country will support international sports events and facilitate local government sports activities.

In efforts to boost consumer confidence and spending, the government plans to enhance visa policies, leveraging central and local resources to bolster cultural, tourism, and sports infrastructure. Recent economic data indicates a need for stimulus, as factory output and retail sales show significant declines.

(With inputs from agencies.)