China is gearing up to give its economy a major boost! 💪🚀 At a recent press conference, Finance Minister Lan Fo'an announced that China's fiscal health is going strong and is ready to meet the budget goals for 2024 through comprehensive measures.
There's \"significant room\" for more spending and borrowing, Lan said, hinting at even more policy tools on the horizon. 🌅 These new moves are all about stimulating growth, expanding domestic demand, and keeping risks at bay.
What's in the works? A series of targeted fiscal measures that will provide big support to local governments. This includes helping them tackle hidden debt issues and issuing special national bonds to strengthen major state-owned commercial banks. 🏦 These steps aim to enhance banks' risk management and their ability to provide credit, directly supporting the real economy.
But that's not all! Extra efforts will focus on stabilizing the real estate market 🏘️ through local government special bonds, dedicated funds, and specific tax policies. Plus, there will be increased support for vulnerable groups, ensuring that everyone benefits from the economic uplift. ❤️
Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, shared his thoughts: \"The key messages are that the central government can issue more bonds and raise the fiscal deficit, and the central government plans to issue more bonds to help local governments pay their debts.\"
Bruce Pang, chief economist of JLL Greater China, is optimistic: \"If these targeted policies are swiftly effective, achieving this year's growth target of around 5 percent is feasible.\"
Looks like China is pulling out all the stops to keep its economy on the fast track! 🌐✨ Stay tuned to see how these measures unfold and impact the global market.
Reference(s):
China to launch more fiscal stimulus measures, says finance ministry
cgtn.com
