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332703

China to take more steps to support economy - state media cites cabinet

BEIJING, Aug 24 (Reuters) - China will take more steps to support the economy, including raising the quota on policy financing tools by 300 billion yuan ($43.69 billion), state media quoted the cabinet as saying on Wednesday.

China would make good use of carryover special bond quotas of 500 billion yuan and would support centrally-owned power generations firms to issue 200 billion yuan in bonds, state media cited the cabinet as saying after a regular meeting.

China will lower financing costs for companies but will not resort to flood-like stimulus, the cabinet was quoted as saying. ($1 = 6.8666 Chinese yuan) (Reporting by Kevin Yao and Beijing newsroom; Editing by Alex Richardson)

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