China to be Proactive in Fiscal Policies to Spur Growth

China’s Ministry of Finance said it will implement fiscal policies proactively next year to help re-stabilize growth. The ministry’s fiscal policy for 2022 aims to launch another round of tax and fee cuts for businesses to help them make infrastructure investments ahead of time.

China has already issued 1.46 trillion yuan ($229 billion) in the 2022 advance quota for local government special bonds to help boost investment and support the economy.

After a strong recovery from the pandemic, Chinese economy has slowed down due to challenges such as property crisis, supply chain issues and strict COVID-19 curbs affecting consumer spending.

The Ministry of Finance intends to keep up fiscal expenditures to bolster growth and central government funding for local governments will continue to support necessary spending.

The government also aims to curb increases in local government debt in 2022, as well as to maintain social stability ahead of the 20th Communist Party Congress next year.

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