China finance ministry announce fiscal support measures

Ministry of Finance statement, in brief:

• Will step up fiscal spending, accelerate spending in 2025
• China plans to intensify efforts to mitigate risks in key sectors, according to the Ministry of Finance.
• China will expand the issuance of government bonds to bolster economic stability.
• China aims to strengthen international financial collaboration.
• China is committed to fostering domestic demand growth – fiscal spending will focus more on people’s livelihoods and seek to boost consumption
• China pledges to promote a higher level of openness to the global economy.
• The Ministry of Finance will increase financial transfers to local governments to address and manage local debt risks effectively.
• Additional support will be provided for trade-in initiatives.
• Will increase basic pension for retirees, raise for both urban and rural residents

MoF comments are related to China’s National Fiscal Work COnference.

This article was written by Eamonn Sheridan at www.forexlive.com.