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MNI BRIEF: China Has Considerable Fiscal Space To Spur Growth

MNI (Singapore)
MNI (Beijing)

China should strengthen counter-cyclical adjustment and make good use of proactive fiscal policy to consolidate economic recovery in 2024, said Ning Jizhe, deputy head at the economic committee of the Chinese People's Political Consultative Conference on Saturday.

Ning, also a former director at the National Bureau of Statistics, said during the 28th China Capital Market Forum the government has many fiscal tools it could use, including raising the deficit-to-GDP ratio, increasing fiscal expenditures, or the quota of local government special bonds, and the issuance of treasuries, alongside implementing structural tax and fee cuts.

The economy is estimated to grow 5.2% to reach about CNY126 trillion in 2023, outperforming the 5% government-set target, Ning said, citing market expectations.

Fiscal stimulus announced late 2023 will help push China’s economy to grow over 5% this year, MNI reported. (See MNI: China Stimulus To Keep 2024 Growth Over 5%, Advisors Say)

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