China's leaders announce plans for moderately loose monetary policy to support 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 previous "prudent" approach, which had been in place for 14 years. The announcement led to a surge in Hong Kong shares, with the Hang Seng index rising 2.8%. The government aims to boost consumer spending and address economic challenges, including low inflation and high youth unemployment. Premier Li Qiang criticized countries imposing high tariffs, suggesting these measures hinder global growth. He emphasized the need for stability and support for people's livelihoods amid ongoing economic uncertainties.