In a recent press conference, China’s Finance Minister Lan Fo'an announced a trio of strategic measures aimed at maintaining the country’s crucial fiscal expenditures. These initiatives are set to ensure the stability and growth of China’s economy amidst evolving global dynamics.
1. Ensuring Key Expenditures are Fully Met
The first measure focuses on guaranteeing that essential government expenditures are adequately funded. This includes investments in infrastructure, healthcare, and education, which are vital for long-term economic stability and societal well-being. By prioritizing these areas, China aims to sustain its development momentum and address the immediate needs of its population.
2. Amplifying Counter-Cyclical Fiscal Regulation
The second measure emphasizes the importance of counter-cyclical fiscal policies. By adjusting fiscal expenditures in response to economic fluctuations, China seeks to mitigate the impacts of economic downturns and leverage periods of growth. This dynamic approach allows for greater flexibility in managing the economy, promoting resilience against global economic uncertainties.
3. Achieving Annual Economic and Social Development Goals
The final measure is geared towards meeting China’s ambitious annual economic and social development targets. By aligning fiscal policies with these goals, the government aims to drive sustainable growth, enhance social welfare, and position China as a leading global economy. This holistic approach ensures that economic strategies are in harmony with broader societal objectives.
These measures reflect China’s commitment to maintaining fiscal discipline while fostering economic prosperity. As the world's second-largest economy, China's fiscal strategies have significant implications for global markets and international business environments.
Reference(s):
China to take 3 measures to maintain necessary fiscal expenditure
cgtn.com
