China Flags More Fiscal Stimulus For Economy
Date
10/12/2024 7:08:17 PM
(MENAFN- AzerNews)
China pledged on Saturday to "significantly increase" debt to
revive its sputtering economy, but left investors guessing on the
overall size of the stimulus package, a vital detail to gauge the
longevity of its recent stock market rally,
Azernews reports via Reuters.
Finance Minister Lan Foan told a press conference Beijing will
help local governments tackle their debt problems, offer subsidies
to people with low incomes, support the property market and
replenish state banks' capital, among other measures.
According to the information provided by the minister, China's
state budget revenues are projected to fall below target this year,
leading to a significant deficit of 4.06 trillion yuan
(approximately $574 billion at current exchange rates).
Despite the anticipated shortfall, Minister Lan noted that the
fiscal policy measures implemented by the Ministry of Finance in
2024 have had a "remarkable effect." He emphasized that these
measures are successfully contributing to the achievement of the
main goals of the national strategy, ultimately helping to maintain
overall economic stability in the country.
MENAFN12102024000195011045ID1108772952
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.