China Commits Over $3 Trillion to Economic Growth Through Proactive Fiscal Policy

• Minister Lan Fo'an emphasizes importance of proactive fiscal policy to support China's economic recovery • Commits to implementing spirit of Central Economic Work Conference and Government Work Report directives • Underscores need to continue proactive fiscal policy and increase fiscal expenditure intensity • Sets quota for new local government bonds at $550 billion; expand scope of special bond issuance • Issues $1 trillion in ultra-long term bonds for major national strategies and security capabilities
• Increases central government transfers 4.1% to $1.5 trillion, excluding one-off factors