China's leaders announce plans for looser monetary policy to support slowing economy

China's leaders have announced plans to adopt a "moderately loose" monetary policy to support the slowing economy. This marks a shift from the "prudent" policies in place for the past 14 years. The Hang Seng index rose 2.8% following the announcement. The Politburo meeting emphasized increased government spending and easier credit to boost consumer spending, which has not fully recovered since the COVID-19 pandemic. Consumer inflation remains low, providing room for potential interest rate cuts. Premier Li Qiang criticized countries imposing high tariffs, suggesting these measures hinder global growth. He highlighted the need for stability and support for people's livelihoods amid economic challenges.