Ministry of Finance statement, in brief:
- Will step up fiscal spending, accelerate spending in 2025
- China plans to intensify efforts to mitigate risks in key sectors, according to the Ministry of Finance.
- China will expand the issuance of government bonds to bolster economic stability.
- China aims to strengthen international financial collaboration.
- China is committed to fostering domestic demand growth - fiscal spending will focus more on people's livelihoods and seek to boost consumption
- China pledges to promote a higher level of openness to the global economy.
- The Ministry of Finance will increase financial transfers to local governments to address and manage local debt risks effectively.
- Additional support will be provided for trade-in initiatives.
- Will increase basic pension for retirees, raise for both urban and rural residents
MoF comments are related to China's National Fiscal Work COnference.
