China to ramp up fiscal support for consumption next year

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China to ramp up fiscal support for consumption next year

^{Published on 2024-12-24 10:00:56 - Reuters}

Ukrainian President Volodymyr Zelenskiy said on Monday that more than 3,000 North Korean soldiers have been killed and wounded in Russia's Kursk region and warned that Pyongyang could send more personnel and equipment for Moscow's army.

China plans to increase its budget deficit and ramp up government bond issuance in 2024 to support economic growth, as announced by the Ministry of Finance on December 24, 2023. The central government's budget deficit is set to rise to 3% of GDP from the previously targeted 3%, with an additional 1 trillion yuan ($139.5 billion) in special treasury bonds to be issued. This move aims to bolster economic recovery amidst challenges like a property market slump, local government debt issues, and weak consumer demand. The increased bond issuance will help fund infrastructure projects and stimulate economic activity, reflecting a proactive fiscal policy to counteract the slowing economy.

Read the Full Reuters Article at:
[ https://www.reuters.com/world/china/china-increase-budget-deficit-ramp-up-govt-bond-issuance-support-growth-2024-12-24/ ]

Contributing Sources

Reuters

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China to ramp up fiscal support for consumption next year