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.

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

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