Anticipation was high ahead of the announcement of China’s latest stimulus package, but it amounted to not much at all. Markets had been full of optimism heading into the stimulus announcement, but the reaction was swift with China’s stock market correcting some of its earlier gains.
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Overall, the market was still higher after a rally spurred by a raft of stimulus unveiled last month. ABC’s Chief Business Correspondent Ian Verrender explains what’s behind the Chinese government’s plans to prop up the economy. He says Beijing is trying to boost household spending and confidence as the country experiences a property market crisis years in the making.
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