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World Today
Why did China cut its benchmark lending rates again?
Oct 22, 2024
Professor Qüqiang discusses China's latest cut in benchmark lending rates, aimed at revitalizing the economy and boosting consumer confidence. Dr. Yao Shujie emphasizes the importance of developing a skilled industrial workforce for high-quality growth. Meanwhile, Greg Barton examines concerns surrounding leaked documents on Israel's military plans, impacting US-Israel relations. Hans-Peter Berghoff reassures that German automakers can compete with China, and Chen Xi reflects on the divided reception of King Charles III's visit to Australia amid ongoing debates about the monarchy.
52:30
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Quick takeaways
- China's recent reduction of benchmark lending rates is a strategic move intended to stimulate economic growth and consumer spending.
- The country's initiative to develop a first-class industrial workforce aims to enhance skill levels and support sustainable economic development by 2035.
Deep dives
China's Monetary Policy Adjustments
China has reduced its benchmark lending rates by 25 basis points in a bid to stimulate the economy. The one-year loan prime rate has been lowered to 3.1%, while the five-year rate has dropped to 3.6%. This reduction aims to alleviate monthly payment pressures for homebuyers and encourage spending in the consumer market. Experts believe this significant cut, the largest in five years, will inject substantial liquidity into the market, ultimately boosting economic growth.
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