Stimulus package released to spur growth in Beijing's Xicheng
The local government of Xicheng district, Beijing, will take a series of measures to reduce the suffering of the local economy due to the COVID-19 pandemic and sustain high-quality development, according to a news briefing on Wednesday.
The action plan — a stimulus package of 23 concrete measures covering 5.1 billion yuan ($721 million) — is aimed at promoting consumption, expanding effective investment, and advancing the transformation of development patterns, among other goals.
It covers a wide range of sectors, such as retail, catering, education, culture and sports.
"We should not only respond to the impact of the pandemic but also focus on high-quality development," said Yu Huafeng, deputy head of the Xicheng district at the conference.
"We will closely integrate economic development with improving people's well-being," Yu added.
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