China will step up measures to boost demand and stabilize employment and prices in the second half of the year to optimize economic results, the country’s finance ministry said on Tuesday, as authorities scramble to sustain the economy. faltering growth.
The pledge followed a package of new economic stimulus measures announced by China’s cabinet last week, including billions of dollars in economic policy funding.
“China will make good use of local government special bonds and support the implementation of bank financing tools” in the second half of the year, the ministry said in a statement posted on its website.
The ministry also said that it will strictly restrict new hidden debt from local governments, which refers to off-balance sheet debt financing by local governments.
China’s tax revenue rose in June due to the easing of Covid-19 restrictions, with 25 provinces showing revenue growth after a decline in April and May due to value-added tax credit discounts, the ministry said.
In addition to a series of supportive economic measures, China is also stepping up infrastructure spending to spur a slowing economy, which narrowly escaped a contraction in the quarter ended in June.
Source: CNN Brasil
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