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China’s leaders have vowed to intensify fiscal support for the world’s second-largest economy, in a statement of support just days after the central bank announced the biggest monetary stimulus since the pandemic.
The politburo, led by President Xi Jinping, pledged to “issue and use” government bonds to better implement “the driving role of government investment”, in comments that come as analysts have warned that China is in danger of missing its official economic growth target this year.
State media reports of the meeting did not provide figures for the proposed fiscal stimulus, or whether it would exceed existing plans for long-term central government and local government issuance this year.
“We should increase the intensity of countercyclical adjustment of fiscal and monetary policies,” state news agency Xinhua cited officials as saying.
China’s benchmark CSI 300 was up almost 3 per cent in afternoon trading on Thursday.
This is a developing story
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