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2024 Fiscal Policy More Intensive - Guan Tao

CHINA PRESS

China’s fiscal policy will increase intensity in 2024 despite a deficit rate of 3% versus the adjusted 3.8% in 2023, according to Guan Tao, former director at the State Administration of Foreign Exchange. Guan noted policymakers planned to issue CNY1 trillion of long-term special treasury bonds, CNY3.9 trillion of special bonds, and CNY500 billion from last years’ CNY1 trillion disaster relief bonds, with total government expenditure reaching CNY28.5 trillion this year, up CNY1.1 trillion from 2023. With some analysts doubting China’s official 2023 GDP data, Guan said energy consumption grew by 6.2% last year, a strong indication that 5.2% GDP growth was accurate. (Source: Yicai)

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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