Hong Kong | China’s cabinet said it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV has reported, at a time of cooling global demand as major economies teeter on the brink of recession.

At a meeting chaired by Premier Li Keqiang, China’s state council, which functions as the cabinet, also vowed on the weekend to speed up the rollout of foreign investment projects, maintain a stable yuan, ease cross-border travel and help companies to participate in domestic and overseas trade shows.

Bloomberg and Reuters