China premier Li Keqiang: The economy is showing a steady recovery
China still maintaining a largely similar outlook for the moment
- The situation is still severe at home and abroad
- Will adopt proactive fiscal policy, prudent monetary policy
- Will ramp up credit supply, lower financing costs
- Economy faces unprecedented hit from the virus pandemic and global recession
The comments here aren't anything new but that in itself is the key takeaway. The fact that Chinese officials aren't deviating from the recent commentary on the economic outlook reaffirms that they will continue with the current set of policies.
That means one can expect further easing in rates and financing costs, as well as continued support to small businesses; the flooding situation in the country only adds reason to keep the stimulus tap flowing in the months ahead.