China unveils fresh stimulus to boost economy

BEIJING, Sept 24 (AFP): China's central bank on Tuesday unveiled a raft of measures to boost the country's struggling economy, cutting the amount of cash banks must hold in reserve and lowering a key interest rate.

China's economy, the world's second-largest, has yet to achieve a highly anticipated post-pandemic recovery as it is battered by a prolonged property sector debt crisis, continued deflationary pressure and high unemployment.

The country's leadership has set a goal of five percent growth in 2024, an objective analysts say is optimistic given the headwinds the economy is facing.