China is set to adopt a more proactive fiscal policy, as outlined in a recent government work report submitted to the national legislature on Wednesday. This strategic move aims to bolster economic growth amidst global uncertainties.
The report specifies that the deficit-to-GDP ratio for this year will be around 4 percent, marking a one percentage point increase from last year. This adjustment reflects China's commitment to sustaining robust economic activity and addressing emerging challenges.
Additionally, the government has earmarked a deficit of 5.66 trillion yuan (approximately $780 billion) for the year, which is an increase of 1.6 trillion yuan compared to the previous budget. This significant fiscal stimulus is expected to support infrastructure projects, innovation, and other key sectors essential for long-term economic resilience.
By implementing a more expansive fiscal strategy, China aims to navigate the complexities of the global market and ensure steady progress in its economic development.
Reference(s):
cgtn.com
