China’s economic recovery accelerating, Politburo says

China’s economic recovery accelerating, Politburo says
imageEconomy18 hours ago (Feb 26, 2020 07:12AM ET)

(C) Reuters. Chinese flag flutters in front of the Great Hall of the People in Beijing

BEIJING (Reuters) – China’s economic recovery is accelerating but the coronavirus outbreak situation in the epicentre of Hubei province and its capital Wuhan is still dire, the ruling Communist Party’s Politburo said on Wednesday according to a state television report.

China cannot ignore the risks of a coronavirus epidemic resurgence in certain regions, the report added.

The government would not let up on its push for stronger epidemic control, and would implement at a faster rate various works pertaining to economic and social development, the Politburo said.

The pace of the improvement of the epidemic control situation was expanding, it added.

The Politburo, headed by President Xi Jinping, is the second-smallest of the three elite party bodies that run the country.

China’s central bank has taken steps to support the economy, including reducing interest rates and flushing the market with liquidity. It has also said it will provide special funds for banks to lend to businesses.

The flu-like disease, which was first detected in the city of Wuhan last December, has infected more than 80,000 people globally and killed more than 2,700 in mainland China.

The World Health Organization has said the epidemic in China peaked between Jan. 23 and Feb. 2 and has been in decline since.

Some Chinese provinces are lowering their emergency response levels and gradually resuming work, though the government is also on alert for any resurgence in cases.

China’s economic recovery accelerating, Politburo says

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