China announces more support for economy but holds back on major spending package

China’s economic planning agency has outlined details of measures aimed at boosting the economy but refrained from major spending initiatives. The piecemeal nature of the plans announced Tuesday appeared to disappoint investors who were hoping for bolder moves. The head of the National Development and Reform Commission said the government will frontload 100 billion yuan ($14.1 billion) in spending from the government's budget for 2025 in addition to another 100 billion yuan for construction projects. The NDRC's chairman, Zhang Shanjie, said China was still on track to attain its full-year economic growth target of around 5%. But he acknowledged the economy faces difficulties and an increasingly “more complex and extreme” global environment.