China It will intensify fiscal expansion appropriately in 2023, boosting spending and investment through special local government bonds to stimulate the economy, state media Xinhua reported on Tuesday, citing Finance Minister Liu Kun.
Chinese policymakers have pledged to bolster adjustments that cushion the impact on businesses and consumers of a surge in COVID-19 infections after an abrupt health turnaround from Beijing.
The world’s second-largest economy is also facing declining exports due to slow global growth and a long contraction of the country’s real estate sector, which has also reduced local government revenues from land sales.
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Liu said in an interview with Xinhua that the government needs to expand fiscal spending, use special bonds from local governments to boost investment and increase central government transfers to poor and less developed areas.
The government needs “ensure fiscal sustainability and keep local government debt risks controllable”, said the finance minister.
Source: Reuters
Source: Gestion
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