MNI BRIEF: China To Target Consumption Via Special Debt Issue
MNI (BEIJING) - China will significantly increase funds raised by ultra-long term special treasures to boost consumption next year and focus on improving residents' income through multiple channels, said officials from the Central Financial and Economic Affairs Commission Office.
The office, which leads and supervises China’s economic work, said authorities will include more consumer goods within the scope of support and optimise the subsidy distribution process, while the government will drive stable growth in resident income through various means, including increasing fiscal investment in terminal consumption, improving social security levels, and promoting employment for key groups. (See MNI: China To Issue More Bonds As Stimulus Targets Consumption)
Authorities will accelerate efforts to create a new development model for the real-estate sector, with in-depth implementation of urban renewal initiatives and the renovation of dilapidated housing. They will also ensure control over the supply of new land and push to use local government special bonds to revitalise idle land stocks and acquire existing unsold housing, the officials said.