February 12, 2020 / 12:09 PM / 17 days ago

UPDATE 1-Chinese Communist Party to act to curb virus spread -state broadcaster

SHANGHAI, Feb 12 (Reuters) - China’s ruling Communist Party said on Monday it would take steps to halt the spread of the coronavirus and counter the epidemic’s economic impact, state broadcaster CCTV reported.

The Party’s standing committee - its top decision-making body - said monetary policy would be flexible, and it would oversee the resumption of work among firms, including state-owned enterprises, in an orderly way.

It would unveil phased, targeted tax and fee cuts and “pay attention” to issues of employment to avoid large-scale layoffs.

The state council, equivalent to China’s cabinet, meanwhile said it would offer temporary support to firms by lowering loan rates.

Chinese policymakers have already implemented a series of measures to support the economy since the coronavirus outbreak began.

Reporting by Josh Horwitz and Vincent Lee; Editing by Catherine Evans and editing by John Stonestreet

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