China targets 'proactive' fiscal policy
4 days, 1 hour ago

China targets 'proactive' fiscal policy

China Daily  

China, with more forceful countercyclical adjustments in mind, will steer toward "very proactive" fiscal policy this year — including increasing the deficit-to-GDP ratio and issuing larger-scale government bonds, and will "front-load" its fiscal firepower to better underpin a positive economic growth trajectory, Vice-Minister of Finance Liao Min said on Friday. In particular, China's current real interest rate on government debt is notably lower than the country's actual economic growth rate, further indicating the country's sizable debt tolerance capacity and scope for deficit expansion, Liao added. The scale of ultralong special treasury bonds is expected to be expanded from 1 trillion yuan in 2024 to around 1.5 to 2 trillion yuan this year, to better support the country's large-scale equipment upgrades and consumer goods trade-in initiatives, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International. The new issuance of local government special-purpose bonds this year is expected to expand from 3.9 trillion yuan in 2024 to around 7 trillion yuan, including a 2.8 trillion yuan debt swap quota, Wang said.

China Liao Deficit Fiscal Bonds  debt  growth  ratio  bonds  fiscal  countrys  china  trillion  policy  targets  yuan  deficit  liao  proactive

History of this topic

China expands consumer trade-in scheme to revive economic growth
6 days, 15 hours ago

China expands consumer trade-in scheme to revive economic growth

The Hindu  

China added more home appliances to the list of products that can be used in its consumer trade-in scheme and will offer subsidies for additional digital goods this year, in an effort to revive demand in the sluggish household sector. The statement did not specify the total cost of the incentives, however, a finance ministry official said at a press …

China's finance ministry vows to step up fiscal spending in 2025
3 weeks ago

China's finance ministry vows to step up fiscal spending in 2025

China Daily  

The skyline of Beijing. BEIJING -- China's finance ministry vowed to step up fiscal spending and government bond issuance in 2025, providing stronger support to bolster economic stability. The country will adopt a more proactive fiscal policy next year, and ensure the fiscal policy is continuously forceful and impactful, Finance Minister Lan Fo'an made the remarks during a two-day national …

China to raise fiscal deficit next year to support struggling economy
3 weeks ago

China to raise fiscal deficit next year to support struggling economy

Live Mint  

China, the world's second-largest economy, plans to raise fiscal deficit to boost spending in 2025 to support its struggling economy, reported AFP, citing state media. In 2024, China took several measures to boost economic growth, such as cutting interest rates, cancelling restrictions on buying houses and easing the debt burden on local governments. According to economists, more direct fiscal stimulus …

China beefs up fiscal support for disaster control, emergency management
3 weeks, 3 days ago

China beefs up fiscal support for disaster control, emergency management

China Daily  

BEIJING -- China has stepped up fiscal support for disaster control and emergency management, the country's finance minister said Sunday. From 2019 to 2023, China's general public budget spending on disaster prevention and reduction and emergency management reached 3.05 trillion yuan, with an average annual growth rate of 8.85 percent, said Finance Minister Lan Fo'an while delivering a report to …

GDP goal for '25 may stay at 5%
3 weeks, 6 days ago

GDP goal for '25 may stay at 5%

China Daily  

Luo Zhiheng China's GDP growth target for 2025 could be set at around 5 percent, unchanged from this year, after a top-level meeting outlined more proactive and effective macroeconomic policies for the coming year, to tackle various challenges head-on and push the economy on an upward trajectory, said a senior economist. Luo's comments came after policymakers set next year's agenda …

China's general public budget revenue sees accelerated growth in November
4 weeks, 1 day ago

China's general public budget revenue sees accelerated growth in November

China Daily  

By Wang Keju | chinadaily.com.cn | Updated: 2024-12-17 19:53 China's general public budget revenue, which is the sum-up of tax revenue and nontax revenue, in November reached about 1.4 trillion yuan, representing an 11 percent year-on-year increase, according to a calculation by Huatai Securities based on the data from the Ministry of Finance. The country's tax revenue grew by 5.3 …

Experts see expansionary moves ahead
1 month ago

Experts see expansionary moves ahead

China Daily  

A view of Shanghai's Pudong New Area. China may roll out unprecedented expansionary moves in macroeconomic adjustments next year after a top-level meeting signaled a significant shift of mindset in prioritizing the expansion of domestic demand amid external uncertainties, policy researchers and economists said. Measures in the pipeline may include the highest official projected deficit ratio on record, a sharp …

China to enact more proactive fiscal policy
Trending News
1 month ago

China to enact more proactive fiscal policy

China Daily  

By Liu Yukun | chinadaily.com.cn | Updated: 2024-12-14 13:56 China will enact more proactive fiscal policy and moderately loose monetary policy with detailed measures to be delivered at the two sessions the next year, said an official on Saturday. Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, said the move marked …

How will Central Economic Work Conference shape 2025 economy?
Trending News
1 month ago

How will Central Economic Work Conference shape 2025 economy?

China Daily  

Shi Yu/China Daily China concluded the much-awaited annual Central Economic Work Conference on Dec 12, outlining the government's main economic objectives and policy plans for 2025, which are largely in line with our CEWC preview and Politburo meeting. Therefore, after the March NPC unveils next year's overall policy stimulus package, we think the government may also ramp up additional policy …

China signals more forceful stimulus to come next year
1 month ago

China signals more forceful stimulus to come next year

Live Mint  

China’s leaders signaled a more forceful policy approach for next year to boost domestic demand, as the world’s second-largest economy braces for escalating trade tensions with the incoming Trump administration. The 24-member Politburo, China’s top decision-making body, pledged Monday in a meeting to implement more proactive fiscal policy and moderately loose monetary policy for next year. Meanwhile, the mention of …

Debt swaps to rejuvenate local governments
1 month, 3 weeks ago

Debt swaps to rejuvenate local governments

China Daily  

CAI MENG/CHINA DAILY On Nov 8, the Standing Committee of the National People's Congress approved an increase of 6 trillion yuan in the local government special bond ceiling to replace outstanding hidden debt — or liabilities of local governments that are not officially recorded. Local governments will be eligible for local government special bonds worth another 4 trillion yuan over …

Debt swaps to rejuvenate local governments
1 month, 3 weeks ago

Debt swaps to rejuvenate local governments

China Daily  

By Luo Zhiheng | China Daily | Updated: 2024-11-25 09:58 CAI MENG/CHINA DAILY On Nov 8, the Standing Committee of the National People's Congress approved an increase of 6 trillion yuan in the local government special bond ceiling to replace outstanding hidden debt — or liabilities of local governments that are not officially recorded. Local governments will be eligible for …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month, 3 weeks ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

Policy support driving V-shaped recovery in Q4, experts say
1 month, 3 weeks ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, the ongoing round of …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month, 3 weeks ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month, 3 weeks ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month, 3 weeks ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

By Zhou Lanxu | chinadaily.com.cn | Updated: 2024-11-20 14:59 The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities …

Policy support driving V-shaped recovery in Q4, experts say
1 month, 3 weeks ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

China unveils new ‘hidden debt’ scheme for local governments
2 months ago

China unveils new ‘hidden debt’ scheme for local governments

Hindustan Times  

China has unveiled an ambitious plan to relieve public debt, aiming to turn local governments away from belt-tightening practices that have exacerbated a domestic downturn. Policymakers approved a proposal to swap six trillion yuan of hidden debt belonging to local governments for official loans with more favourable terms. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Policymakers gathered in Beijing this past week approved …

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited
2 months ago

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited

Live Mint  

Yield for China's benchmark 10-year bonds have slid to their lowest in over a month after the government announced its 10 trillion yuan or $1.4 billion worth debt refinancing programme, Bloomberg reported. China's Debt Refinancing Programme — The Details The announcement was made after the National People’s Congress Standing Committee meeting on November 8, to “underwhelmed” reactions, as per the …

China approves $840B plan to refinance local government debt, boost slowing economy
2 months, 1 week ago

China approves $840B plan to refinance local government debt, boost slowing economy

Associated Press  

BEIJING — China on Friday approved a 6 trillion yuan plan to help local governments refinance their mountains of debt, in the latest push to rev up growth in the world’s second largest economy. Finance minister Lan Fo’an estimated that the hidden debt of local governments was 14.3 trillion yuan at the end of 2023. Lan said 2 trillion yuan …

China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth
2 months, 1 week ago

China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth

CNN  

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — China has approved a 10 trillion yuan plan to bolster its ailing economy by allowing local governments to refinance their debt, unveiling additional stimulus measures to counter a potentially …

China leverages fiscal toolbox to consolidate economic growth
2 months, 1 week ago

China leverages fiscal toolbox to consolidate economic growth

China Daily  

China has appropriately enhanced the intensity of the proactive fiscal policy so far this year, utilizing a combination of policy tools, including ultra-long special treasury bonds and tax and fee reductions to promote its sustained economic recovery. Some 700 billion yuan of funds raised via the ultra-long special treasury bonds have been allocated to support the implementation of major national …

China's Economic Stability: A Steady Beacon Amid Global Uncertainty
2 months, 2 weeks ago

China's Economic Stability: A Steady Beacon Amid Global Uncertainty

China Daily  

China's economy remains a stabilizing force in the global economy, despite the challenges of global geopolitical rivalries and rising government debt. The country's structural reforms and high-quality development strategies have contributed to its stability and growth. China's commitment to high-quality development and its willingness to engage in global trade and cooperation remain crucial for maintaining its economic prosperity and stability …

Growth target within reach on policy effort
2 months, 3 weeks ago

Growth target within reach on policy effort

The Independent  

With a potent set of new policies being implemented on various fronts, China is on course to achieving its full-year economic growth target of around 5 per cent, signalling the resilience of the country’s economy despite challenges at home and abroad, said a senior expert. Chen Wenling, chief economist at the China Centre for International Economic Exchanges in Beijing, said …

China to unveil massive debt swap program to avert economic crisis
2 months, 4 weeks ago

China to unveil massive debt swap program to avert economic crisis

China Daily  

China is considering a massive debt swap program worth trillions of yuan to address its economic challenges. The program will focus on alleviating debt pressures facing local governments, boosting corporate performance, and stabilizing the regulatory environment. The central government plans to increase the debt limit by a large scale at once and replace the hidden debt of local governments, without …

China's Economic Revival: A Fiscal Stimulus Package to Boost Growth
3 months ago

China's Economic Revival: A Fiscal Stimulus Package to Boost Growth

China Daily  

China's economy is expected to receive substantial stimulus in 2024 as the government implements various measures to stabilize the real estate market and boost investment. The focus is on fiscal and monetary policies, with the government considering increasing fiscal deficits or issuing special treasury bonds to alleviate local government debt pressures. Additionally, the government plans to increase investment funding to …

China redoubles first-aid for its economy with support for banks and workers
3 months, 2 weeks ago

China redoubles first-aid for its economy with support for banks and workers

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Unconfirmed reports Thursday by the South China Morning Post …

Robust policy steps urged to boost economy
4 months, 2 weeks ago

Robust policy steps urged to boost economy

China Daily  

The Inner Street Culture Creative Park is bustling with activity during the night market in Qingxiu district, Nanning, Guangxi Zhuang autonomous region, on April 16, 2024. China should further bolster its economy by stepping up fiscal and monetary policy support, including raising the budget deficit and effecting more cuts in the reserve requirement ratio and interest rates, said economists and …

China's general public budget expenditure rises
4 months, 2 weeks ago

China's general public budget expenditure rises

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. China's general public budget expenditure expanded 2.5 percent year-on-year in the first seven months of 2024 and is poised to maintain a steady growth trend over the coming months, the Ministry of Finance said on Monday. According to the ministry, the country's general public budget expenditure amounted to …

China's fiscal revenue down 2.6% in Jan-July
4 months, 2 weeks ago

China's fiscal revenue down 2.6% in Jan-July

China Daily  

File photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, East China's Jiangsu province. BEIJING -- China's fiscal revenue dipped 2.6 percent year-on-year in the first seven months of this year, official data showed Monday. A breakdown of the data showed the country's tax revenue decreased 5.4 percent from one year earlier, while its non-tax revenue …

Foreign holdings of Chinese bonds see net increase of $20b in July
4 months, 3 weeks ago

Foreign holdings of Chinese bonds see net increase of $20b in July

China Daily  

BEIJING - The net increase in foreign holdings of domestic bonds stood at $20 billion in July, soaring 1.4 times from the previous month, data from China's State Administration of Foreign Exchange showed Thursday. Foreign investors were still highly motivated to allocate RMB assets as cross-border capital flow improved in July, it said. China's foreign trade also continued to grow …

Foreign holdings of Chinese bonds see net increase of $20b in July
4 months, 4 weeks ago

Foreign holdings of Chinese bonds see net increase of $20b in July

China Daily  

BEIJING - The net increase in foreign holdings of domestic bonds stood at $20 billion in July, soaring 1.4 times from the previous month, data from China's State Administration of Foreign Exchange showed Thursday. Foreign investors were still highly motivated to allocate RMB assets as cross-border capital flow improved in July, it said. China's foreign trade also continued to grow …

Fiscal reform charts a new development path
5 months, 1 week ago

Fiscal reform charts a new development path

China Daily  

SHI YU/CHINA DAILY The resolution of the third plenary session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, said China will "deepen reform and advance Chinese modernization under the rule of law and ensure unity between reform and the rule of law". In this regard, China's financial policy has always been …

Fiscal reform charts a new development path
5 months, 1 week ago

Fiscal reform charts a new development path

China Daily  

SHI YU/CHINA DAILY The resolution of the third plenary session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, said China will "deepen reform and advance Chinese modernization under the rule of law and ensure unity between reform and the rule of law". In this regard, China's financial policy has always been …

China revs up fiscal policy support to spur economic recovery
5 months, 2 weeks ago

China revs up fiscal policy support to spur economic recovery

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. BEIJING - China is making efforts to step up its fiscal policy support and ensure the implementation of established policies, aiming to consolidate its economic recovery as rising external headwinds weigh on growth. The country will strengthen its fiscal policy to ensure the economy sustains its recovery momentum, …

China to step up fiscal policy implementation to spur economic recovery: official
5 months, 2 weeks ago

China to step up fiscal policy implementation to spur economic recovery: official

China Daily  

A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. The country will issue the ultra-long special treasury bonds in a timely manner and make good use of the funds raised from the bond sales, Lin Zechang, of the Ministry of Finance, told a press conference. Lin said that the country will also speed up the issuance …

Intensifying policy implementation helps stabilize growth and expectation
5 months, 3 weeks ago

Intensifying policy implementation helps stabilize growth and expectation

China Daily  

A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. Latest statistics show that up to now, all the 15,000 projects funded by such bonds have been launched, a sign of China's strengthened macro-regulation to play the role of government investment in boosting the economy. Restoring and expanding demand is the key to sustained economic recovery while …

China's general budget expenditure up 2% in H1
5 months, 3 weeks ago

China's general budget expenditure up 2% in H1

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. China's general public budget expenditure saw a year-on-year increase of 2 percent in the first six months of 2024, data from the Ministry of Finance showed on Monday. According to the ministry, the country's general public budget expenditure amounted to nearly 13.66 trillion yuan during …

China reports generally stable growth in final accounts for 2023
6 months, 2 weeks ago

China reports generally stable growth in final accounts for 2023

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. BEIJING -- China's final central government accounts for 2023 were generally stable, with notable progress achieved in the areas of financial reform and development, according to a report delivered to the country's top legislature on Tuesday. The central government's general public budget revenue totaled 9.96 …

Ultra-long special treasury bonds can promote quantitative growth
6 months, 4 weeks ago

Ultra-long special treasury bonds can promote quantitative growth

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. The Ministry of Finance recently, for the first time, issued 50-year ultra-long special treasury bonds, with a total issue of 35 billion yuan. In order to make up the gap of fiscal revenue and expenditure, it is necessary to increase the issuance of government bonds, …

Ultra-long special treasury bonds can promote quantitative growth
6 months, 4 weeks ago

Ultra-long special treasury bonds can promote quantitative growth

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. The Ministry of Finance recently, for the first time, issued 50-year ultra-long special treasury bonds, with a total issue of 35 billion yuan. In order to make up the gap of fiscal revenue and expenditure, it is necessary to increase the issuance of government bonds, …

China's financing activities remain steady
7 months ago

China's financing activities remain steady

China Daily  

This undated file photo shows an exterior view of the People's Bank of China in Beijing, capital of China. China's financing activity remained lukewarm as the increment in aggregate social financing — the total amount of financing to the real economy — stood at 14.8 trillion yuan in the first five months of 2024, down by 2.52 trillion yuan compared …

【双语财讯】专家：发行超长期国债有助于刺激内需 支撑经济持续向好
8 months ago

【双语财讯】专家：发行超长期国债有助于刺激内需 支撑经济持续向好

China Daily  

财政部将于5月17日起发行1万亿元超长期特别国债，到11月中旬发行完毕。专家表示，发行超长期国债将有助于稳定预期、刺激内需并支撑经济持续向好。 Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. 根据财政部5月13日发布的消息，1万亿元超长期特别国债将于5月17日首发，到11月中旬发行完毕，包括20年期、30年期和50年期。 "The ultra-long bond issuance marks the introduction of a new policy tool that will be vital for supporting the government's investment in key projects, which will give full play to the crucial role of government investment in shoring up economic growth," said Zhang …

【双语财讯】专家：发行超长期国债有助于刺激内需 支撑经济持续向好
8 months ago

【双语财讯】专家：发行超长期国债有助于刺激内需 支撑经济持续向好

China Daily  

财政部将于5月17日起发行1万亿元超长期特别国债，到11月中旬发行完毕。专家表示，发行超长期国债将有助于稳定预期、刺激内需并支撑经济持续向好。 Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. 根据财政部5月13日发布的消息，1万亿元超长期特别国债将于5月17日首发，到11月中旬发行完毕，包括20年期、30年期和50年期。 "The ultra-long bond issuance marks the introduction of a new policy tool that will be vital for supporting the government's investment in key projects, which will give full play to the crucial role of government investment in shoring up economic growth," said Zhang …

Special bonds aim to promote demand, growth
8 months ago

Special bonds aim to promote demand, growth

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. "The ultra-long bond issuance marks the introduction of a new policy tool that will be vital for supporting the government's investment in key projects, which will give full play to the crucial role of government investment in shoring up economic growth," said Zhang Liqun, a …

China shows signs of slowdown to aggregate social financing
9 months ago

China shows signs of slowdown to aggregate social financing

China Daily  

A pedestrian walks past the headquarters of the PBOC in Beijing. JIANG QIMING/CHINA NEWS SERVICE China's financing activity showed signs of slowing down as the increment in aggregate social financing — the total amount of financing to the real economy — reached 12.93 trillion yuan in the first quarter of 2024, down by 1.61 trillion yuan compared with the same …

China may pare its US debt holdings
9 months, 3 weeks ago

China may pare its US debt holdings

China Daily  

A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. China may continue to reduce the share of US debt in its overall foreign exchange reserves amid its ramped-up efforts to diversify foreign asset portfolios, experts said on Wednesday. In the short term, factors like changes in monetary …

China's new budget book reveals fiscal priorities for 2024
10 months ago

China's new budget book reveals fiscal priorities for 2024

China Daily  

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. Greater fiscal input The ultra-long special treasury bonds to be issued over each of the next several years, along with other arrangements including budget deficits, special-purpose bonds, preferential tax and fee policies as well as government subsidies, mark the country's strengthened fiscal …

Discover Related