China marks 75 years with new economic measures as stock markets rally

As China celebrates its 75th anniversary, the government has announced new measures to boost its struggling economy. These include support for the property sector, cash handouts for the poor, and increased government spending. Following these announcements, stock markets in mainland China and Hong Kong saw significant gains. The People's Bank of China introduced funding to help buy shares and support companies in repurchasing their stock. However, economists express skepticism about whether these measures will effectively address deeper economic issues, particularly a lack of consumer confidence and ongoing problems in the real estate market. While officials aim to stabilize the economy and meet growth targets, details on the scale of government spending remain vague. Experts warn that without substantial reforms, the underlying challenges in China's economy may persist.