China offers stimulus for virus-hit economy

China's cabinet announced a package of 33 measures covering fiscal, financial, investment and industrial policies on Tuesday to revive its pandemic-ravaged economy, adding it will inspect how provincial governments implement them.

The stimulus package, which was flagged by China's State Council in a routine meeting last week, underscores Beijing's shift toward growth, after Covid-19 control measures pounded the economy and threaten Beijing's 5.5 per cent growth target for the year.

To revive investment and consumption, the government ordered localities not to expand curbs on auto purchases and said those which already have curbs in place should gradually increase their quotas on car ownership.