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MNI BRIEF: China Local Govs To Speed Up Fiscal Spending

MNI (Singapore)
(MNI)Beijing
Central Bank NewsPolicy NewsPBOCFiscalGovernment sectorAPACChinaBriefStoryEM Policy NewsRegionEM Policy StoryEM BriefEM Government sectorEM Central Bank NewsPeoples Bank of ChinaEM Fiscal
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China will push local governments to speed up fiscal spending in a bid to support the economy while helping them carry out debt swaps and resolve debt risks, officials at the National Development and Reform Commission told reporters on Tuesday.

Efforts are underway to expand areas and scale for which funds raised by local government special bonds can be used as capital for projects, said the NDRC which functions as a macroeconomic management agency, noting policies across various sectors, including fiscal, financial, consumption, investment, real estate, stock markets, employment, and people's livelihood, will be coordinated to improve the consistency of macroeconomic policy directions and strengthen policy synergy. (MNI INTERVIEW 2: China Fiscal Expansion Crucial, RRR Cut Eyed)

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China will push local governments to speed up fiscal spending in a bid to support the economy while helping them carry out debt swaps and resolve debt risks, officials at the National Development and Reform Commission told reporters on Tuesday.

Efforts are underway to expand areas and scale for which funds raised by local government special bonds can be used as capital for projects, said the NDRC which functions as a macroeconomic management agency, noting policies across various sectors, including fiscal, financial, consumption, investment, real estate, stock markets, employment, and people's livelihood, will be coordinated to improve the consistency of macroeconomic policy directions and strengthen policy synergy. (MNI INTERVIEW 2: China Fiscal Expansion Crucial, RRR Cut Eyed)

Keep reading...Show less