October 12, 2024

China has pledged to implement a package of targeted incremental fiscal policy measures to further stabilize growth, China's Minister of Finance Lan Fo'an said on Saturday at a press conference.

Lan's remarks were made in the context that China recently introduced a series of growth-boosting policies to support economic restructuring, such as cuts to the reserve requirement ratio for banks and cuts to the mortgage rates for existing homes.

The package includes strengthening support to resolve local government debt risks, issuing special government bonds to support large state-owned commercial banks in replenishing core tier-one capital, and combining fiscal tools to support the housing market, Lan said.

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