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American Focus > Blog > Economy > Chinese finance minister hints at increasing the deficit at highly anticipated briefing
Economy

Chinese finance minister hints at increasing the deficit at highly anticipated briefing

Last updated: October 12, 2024 2:27 am
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Chinese finance minister hints at increasing the deficit at highly anticipated briefing
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China’s Minister of Finance Lan Fo’an recently held a press briefing in Beijing, where he discussed the possibility of increasing debt and the deficit in order to provide additional fiscal support to the country’s economy. Lan emphasized that there is significant room for a deficit increase, signaling that more stimulus measures may be on the horizon.

Economists have been calling for China to implement further fiscal support, but concrete measures have yet to be announced. Many investors and analysts had hoped for a major stimulus package to be unveiled during the briefing, but Lan indicated that more details would be forthcoming in the near future.

The finance ministry outlined several policy measures aimed at addressing local government debt issues, stabilizing the real estate market, and supporting employment. In particular, the ministry plans to allow local governments to use special bonds for land purchases and expand affordable housing subsidies to include existing housing inventory.

The Chinese government has been under pressure to boost economic growth, as retail sales have only seen modest growth in recent months and the real estate sector continues to struggle. With GDP rising by only 5% in the first half of the year, concerns have been raised about China potentially missing its full-year target.

Market analysts have projected that China may need anywhere from 2 trillion to 10 trillion yuan in fiscal stimulus to support the economy. However, the focus is not just on the amount of stimulus provided but also on how it will be utilized, whether it will be aimed at shoring up local government finances or boosting consumption.

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Following the press briefing, mainland Chinese stocks experienced volatility, with major indexes retracing to levels seen in late September. The market had initially rallied on the back of policy announcements signaling government intervention to stimulate growth, but uncertainties remain about the effectiveness of the measures.

As China prepares for a parliamentary meeting later this month, all eyes will be on any further details or announcements regarding economic stimulus. With global economic uncertainties and trade tensions weighing on China’s economy, policymakers are under pressure to take decisive action to support growth and stability.

In conclusion, China’s finance minister’s remarks suggest that more stimulus measures are on the horizon, but the specifics of these policies and their impact on the economy remain to be seen. As the country navigates challenging economic conditions, policymakers will need to strike a delicate balance between supporting growth and managing financial risks.

TAGGED:anticipatedBriefingChinesedeficitfinanceHighlyhintsincreasingminister
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