China Fiscal Policy to Be More Proactive In H2: Newspaper

Chinese local governments will issue about CNY3 trillion of bonds in H2 to boost infrastructure investment as authorities drive for more proactive policy, Yicai.com reported citing analysts. Fiscal spending, which totaled CNY9.3 trillion in the first five months, was lower than revenue of CNY9.65 trillion, and there needs to be as much as CNY15.7 trillion spending in the rest of the year to meet the budgeted expenditure for this year, the newspaper said. Fiscal spending should continue to focus on people's livelihood and social security, so to help boost consumption, the newspaper said citing Luo Zhiheng, deputy dean of Yuekai Securities Research Institute.