China's central bank has cut the prime loan rate and pledged Credit Support for small and medium-sized businesses amid concerns over the country's slowing economy. The move comes as the economy struggles to recover from the lifting of COVID-19 measures, despite President Xi Jinping's attempts to stimulate consumption. Analysts are doubtful that the steps will be effective, citing the need for new directions in lending policies. The economy is facing weak data on consumption, exports, and investment, including a collapse in the property sector. There are concerns that Xi Jinping's administration lacks technocrats capable of overseeing the recovery.

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