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Beijing's fiscal authorities will push to boost domestic demand and enforce the current policy of tax and fee cuts to give the necessary support for economic recovery, China's finance minister told reporters Friday.
Fiscal revenue will slow from the rapid 21.8% y/y growth seen in H1 and policymaking will look to the future, be targeted and effective, Liu Kun noted. Policy focus will be to boost key technologies, industrial supply chain improvements and pollution control. In addition, the regulator look to find ways to prevent local government debt becoming regional and systemic risks, he said.
Liu added that China will be an active participant in negotiations to overhaul the international tax system to address the digitalization of the global economy, pushing for a consensus on a final agreement in October.