China moves to pep up its slowing economy, lays out roadmap for its future

AP Business Writer

BANGKOK (AP) — China’s central bank has cut key interest rates in a surprise move aimed at injecting pep into the economy, while the ruling Communist Party released a 50-page roadmap addressing long-term challenges. The party’s planning document promises to beef up social welfare such as pensions, improve the tax system and protect private property rights, among other goals in line with leader Xi Jinping’s vision for China’s future. In a short-term move, the People’s Bank of China cut the five-year loan prime rate, a benchmark for mortgages, from 3.95% to 3.85%. The one-year rate was reduced from 3.45% to 3.35%. In another move to ease credit, the central bank also cut collateral requirements for medium-term loans to banks.