At the end of May, the State Council held a special online meeting on “stabilizing the economy” due to several domestic and international challenges hampering the growth outlook. During the teleconference, a stimulus packages including “33 measures in six areas” approved by an earlier State Council Executive Meeting was presented to line ministries and local governments attending the event.
In this brief, we take a first look at the stimulus package and what was presented during the meeting. Downward pressures to the economy as well increased uncertainties were noted. Against this backdrop, China’s top leadership focused on how to stabilize the economy, identifying micro, small and medium enterprises, as well as the self-employed and youth among the most vulnerable groups. A clear sense of urgency was delivered, while local authorities were put at the forefront in the efforts to stabilize the economy. Here we highlight some takeaways and possible impact on SDG attainment, among which the potential impact on the environmental dimensions of the SDGs and national climate pledges.
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