China to step up macroeconomic support after growth slows

Premier Li Keqiang told state media on Tuesday that China will step up macroeconomic policy support for the economy after data showed growth unexpectedly slowed last month.

In July, China's economy recovered but there were small fluctuations Li said during a video meeting with senior officials from six major provinces - Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan.

Li was quoted as saying that there must be a sense of urgency to consolidate the foundation for economic recovery.

The economy slowed in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and property crisis, China's central bank cut key lending rates in a surprise move on Monday to revive demand.

Li was quoted as saying that authorities will implement a package of policy measures that were unveiled in May, and will increase the intensity of macroeconomic policies to keep economic activity within a reasonable range.

The government will take more steps to boost consumption and expand effective investment, he said.