BEIJING : China will step up fiscal expansion in an appropriate manner in 2023 by boosting fiscal spending and investment via local government special bonds to spur the economy, state media Xinhua reported on Tuesday, citing the finance minister Liu Kun.
Liu said in an interview with Xinhua that the government needed to expand fiscal expenditure, use local government special bonds to drive investment and increase transfer payments from the central government to poor and less developed areas. Since 2018, China has arranged 14.6 trillion yuan in new local government special bonds to support the economy, Liu said. That included 4 trillion yuan in such bonds to support the construction of nearly 30,000 projects in January-November of 2022.
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