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China stays cryptic on fiscal stimulus, makes plans for debt relief: as it happened

China’s Ministry of Finance gave no specific figure for fiscal stimulus at closely watched press conference

China’s Ministry of Finance held a news conference in Beijing on Saturday. Source: Bloomberg

Ji Siqiin Beijing,Mandy Zuoin ShanghaiandLuna Sunin Beijing

Published: 9:50am, 12 Oct 2024Updated: 12:26pm, 12 Oct 2024

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Introduction

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China’s Ministry of Finance held a press conference on Saturday morning.

Officials spoke about defusing local debt risks and stabilising the property market, adding the central government “has room” for further action and higher deficits. A specific figure for fiscal stimulus was not revealed.

The conference followed announcements of broad plans from other state bodies, with the People’s Bank of China unveiling cuts to mortgage rates and the National Development and Reform Commission advancing 100 billion yuan (US$14.14 billion) from the central budget for 2025.

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