In a bold move to accelerate economic recovery, China's finance minister Lan Fo'an announced a series of proactive fiscal policies aimed at bolstering the nation's economy. Speaking on Saturday, Lan emphasized the importance of these initiatives in consolidating and enhancing China's ongoing economic recovery.
Lan outlined the Ministry of Finance's commitment to executing the directives set forth by the Central Economic Work Conference and the specific arrangements detailed in the Government Work Report. Central to these efforts is the continued implementation of a proactive fiscal policy that seeks to stimulate growth and maintain stability.
One of the key highlights of Lan's announcement is the substantial increase in fiscal expenditure. This year, China has set the quota for new local government special-purpose bonds at 3.9 trillion yuan ($550 billion), signaling a significant injection of funds into various sectors. Additionally, there will be a reasonable expansion of the scope for special bond issuance, coupled with the strategic use of project capital funds.
These measures are expected to provide much-needed support to infrastructure projects, innovation-driven industries, and other critical areas that contribute to sustainable economic growth. By leveraging these fiscal tools, China aims to navigate the challenges posed by global economic uncertainties and reinforce its position as a key player in the international market.
The proactive fiscal policy underscores China's commitment to fostering a resilient economy, ensuring that growth remains inclusive and sustainable. As the nation continues to adapt to evolving global dynamics, these strategic financial initiatives will play a pivotal role in shaping China's economic landscape in the years to come.
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Minister: China implements proactive fiscal policy to support economy
cgtn.com
