China is forging ahead with fiscal reforms amid a slowdown and the country’s moderately expansionary fiscal policy is a must in coping with downward pressures, Chinese Finance Minister asserted in Beijing on Friday.
“We must adopt a moderately expansionary fiscal policy in coping with downward pressures, as we de-leverage the economy step by step while preventing it from nose-diving,” said Lou Jiwei at a press conference during China’s annual parliament session.
The Finance Minister said the actual budget deficit would be around 2.7 per cent of GDP this year....
“The risk of China’s local government debt is generally controllable,” said Lou.
The Chinese Finance Minister also warned that signs of recovery in the world economy are not obvious enough, including that in the United States, adding that China will be affected by such a “new normal” of the world economy.
The BRICS Post
China forging ahead with fiscal reforms: Finance Minister
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