China’s cabinet said it will promote consumption recovery, boost imports to drive economy

A statement from China’s State Council over the weekend reported via state broadcaster CCTV.

In brief:

• Statement came after a meeting chaired by Premier Li Keqiang
• said it would promote a consumption recovery as the major driver of the economy
• would boost imports
• to quicken the rollout of foreign investment projects
• to maintain a stable yuan
• ease cross-border travel
• reaffirmed its support for the private sector and digital economy

Earlier:

This is supportive for China trades and China-proxy trades (such as AUD).