China to ramp up fiscal spending in 2025

Beijing: China s Finance Ministry vowed to step up fiscal spending and government bond issuance in 2025, providing stronger support to bolster economi...

Beijing: China’s Finance Ministry vowed to step up fiscal spending and government bond issuance in 2025, providing stronger support to bolster economic stability.

The country will adopt a more proactive fiscal policy next year, and ensure the fiscal policy is continuously forceful and impactful, Chinese Finance Minister Lan Fo’an made the remarks during a two-day national fiscal work conference.

The fiscal policy stance aligns with the announcements made at the recent tone-setting Central Economic Work Conference.

During the conference, policymakers decided to implement a “moderately loose” monetary policy in 2025, a significant departure from the “prudent” policy of the past 14 years, Xinhua News Agency reported.

Lan said the country will set a higher deficit-to-GDP ratio in 2025, increase the intensity of fiscal spending, ensure faster deployment of funds, and optimize the structure of fiscal spending, with more focus on improving people’s well-being, promoting consumption and sustaining growth momentum.