China to Lift Fiscal Spending to Boost Economy
2024-12-12
Category: economic

Beijing offered more details of its economic planning for next year, suggesting Chinese leadership is finally ready to boost fiscal spending to buttress a faltering economy.
Chinese decision makers including President Xi Jinping said in a Thursday meeting that the government will increase the fiscal deficit rate in 2025, as well as cutting interest rates and reserve requirement ratio without specifying dates, according to the state-run China Central Television.
Officials at the Central Economic Work Conference also pledged to focus on boosting domestic demand including consumption in 2025, vowing to better balance demand and supply in the world's second-largest economy.
Chinese leaders also reiterated that they will strive to stabilize property and stock markets and prevent risks from key areas and external shocks.
The key economy-themed meeting came on the hills of another gathering of China's top leadership on Monday, when Beijing signaled a more forceful policy approach to energizing the economy as China awaits trade tensions under the incoming Trump administration.
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