Yang Shibo, a 50-year-old farmer in China’s Shandong Province, bought a refrigerator to keep vermin away from his family’s meat and vegetables. The government eased his purchase by knocking 13 percent off the price.
Chinese stocks rose to a six-week high on speculation the central bank may ease monetary policy to bolster the economy as Europe’s debt crisis and slumping manufacturing in China and the U.S. threaten global growth.
China’s inflation is showing signs of easing further, giving Premier Wen Jiabao more room to loosen fiscal and monetary policies as the economy cools and Europe’s sovereign-debt crisis threatens exports.
China’s stocks rose for a third day on speculation the government will accelerate measures to boost the economy after a report on non-manufacturing industries signaled tight monetary policies are hurting businesses.
China Eastern Airlines Corp. and Shanghai International Airport Co. rallied more than 2 percent in Shanghai after the central government signaled it will lower value-added taxes for Shanghai’s service industries.