China Vice Finance Minister
- 2023 tax and fee cuts, rebates totalled 2.2 trillion yuan
- Expects fiscal revenue to continue to recover in 2024
- Will maintain certain intensity in fiscal spending in 2024
- Fiscal policy will help expand domestic demand
- Will appropriately increase investment under central government budget
This is hardly flood-like stimulus, but China has been saying that won't be coming. China's piecemeal efforts have not adequately addressed a moribund, deflationary economy. Still, these efforts are better than nothing.
In other news from China, this is from a Bloomberg report (gated), in brief:
- President Xi Jinping skipped setting the date for an already delayed meeting to map out China’s longer-term economic plans, a move likely to disappoint already gloomy investors.
- The Communist Party’s 24-member Politburo pledged to tighten political control and discipline at its monthly gathering on Wednesday, according to the official Xinhua News Agency.
- The readout from the conclave didn’t mention the third plenum, which normally focuses on economic issues. Not setting a date for an already delayed meeting to map out China’s longer-term economic plans is another disappointment for investors.
