The country will roll out additional fiscal policy measures in a timely manner in response ⁠to economic developments, Vice Finance Minister Liao Min said on Friday.

It will maintain the continuity and stability of macroeconomic policies and plan and allocate fiscal resources over a longer time horizon, Liao said at a press conference.

Fiscal spending should be further ⁠optimised, with a greater focus on investing ⁠in people and ⁠boosting domestic consumption, he said.

The nation's leaders pledged at July's Politburo meeting to support the slowing ⁠economy by accelerating fiscal spending on already-budgeted infrastructure projects for the remainder of the year, rather than planning major new stimulus measures.

The central bank said ⁠this month it would maintain an appropriately loose monetary stance and roll out practical, effective measures as needed, but stopped short of signaling explicit cuts to policy rates or banks' reserve-requirement ratio.

Liao added the nation would deepen fiscal and tax reforms, improve the budget management system, and build ⁠a clearer framework for central-local fiscal relations, with more clearly defined responsibilities and more balanced regional development. (Reuters)


Edited by Aaron Tam