Comments by China's vice finance minister, Xu Hongcai
- Will set up special transfer payments of ¥2 trillion in funds
- Funds will directly reach city, county levels to help local governments
- Funds to be used to support firms, residents in difficulties
- To be used to support employment, expand consumption and investment
Even as the coronavirus crisis is managed from a health perspective, the economic fallout is continuing to reverberate in China. And that is evident from the constant barrage of measures Beijing is undertaking to try and shore up economic activity.
The Starbucks anecdote is a somewhat good barometer in that sense.