China’s Finance Ministry: Will step up fiscal spending, accelerate spending in 2025

China’s Finance Ministry said in a statement at the National Fiscal Work Conference on Tuesday that they “will step up fiscal spending, accelerate spending in 2025.

Additional takeaways

China plans to intensify efforts to mitigate risks in key sectors, according to the Ministry of Finance.

China will expand the issuance of government bonds to bolster economic stability.

China aims to strengthen international financial collaboration.

China is committed to fostering domestic demand growth - fiscal spending will focus more on people's livelihoods and seek to boost consumption.

China pledges to promote a higher level of openness to the global economy.

Will increase financial transfers to local governments to address and manage local debt risks effectively.

Additional support will be provided for trade-in initiatives.

Will increase basic pension for retirees, raise for both urban and rural residents.