China redoubles first-aid for its economy with support for banks and workers

AP Business Writer

China is redoubling its first-aid for the economy, targeting banks, workers and poor families as the ruling Communist Party prepares to mark the 75th anniversary of the founding of the People’s Republic. Reports Thursday said the government plans to spend about $142 billion on recapitalizing six big state-owned banks. Authorities also said the government would unspecified cash payments to poor families ahead of the Oct. 1 National Day holiday.  President Xi Jinping and other top Chinese leaders held a quarterly meeting on the economy, where state media said they acknowledged “some new situation and problems” had emerged. They promised to focus on support for new college graduates, migrant workers, the unemployed, elderly and disabled.