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IMF, China to boost economic stimulus funding

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China will increase its financial assistance to the International Monetary Fund and other major aid programs, itr president Xi Jinping said in a statement on Wednesday.

The fund will be allowed to increase the total amount of its lending, it added, without elaborating on how much.

The $1.5 trillion stimulus package is aimed at rebounding from a global economic slowdown that started in China in early 2016 and is now the world’s second-biggest.

It also will help to stimulate the economy, including through tax cuts and a package of new public investment.

It is one of Xi’s top priorities as he tries to keep his party on track to regain control of the economy from the opposition that took power in May last year.

The IMF will also help with debt relief for the country, the statement said.

The announcement comes amid a wave of populist political sentiment in China.

Xi is seeking to rein in the government and the Communist Party that was in power from 1949 until it was dissolved in the wake of the death of Mao Zedong in 1976.

Xi’s term as president expires in 2018.

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