A sales clerk arranges clothes inside a shop in a shopping mall in Wuhan, central China's Hubei Province, March 30, 2020. (Xinhua/Fei Maohua)
The Chinese government will roll out fiscal and monetary policies to expand domestic demand, assist businesses reopening, sustain employment, and help all types of businesses to weather this difficult time.
BEIJING, April 1 -- The Chinese government will roll out a set of fiscal and financial policies, including allocating more local government bond quota in advance as per due procedures, and intensifying inclusive financial support to micro, small and medium-sized enterprises.
Fiscal and monetary policies will be further leveraged to expand domestic demand, assist businesses reopening, sustain employment, and help all types of businesses to weather this difficult time.
Related plans were made at the State Council's executive meeting chaired by Premier Li Keqiang on Tuesday.
The Chinese government puts great emphasis on intensifying counter-cyclical macro-policy adjustment to advance both the epidemic control and economic and social development. Premier Li Keqiang stressed the need for local government bonds to be expeditiously issued and the funds raised properly utilized to catalyze effective investment.
The meeting underscored the need to scale up special local government bonds and expand effective investment in areas of weakness. On top of this year's local government bond quota already made available, more of such quota will be expeditiously allocated in advance as per due procedures. Such funding will be directed to where the projects are. It will thus prioritize regions with key projects, low risks and the prospect of quickly boosting effective investment and will be channeled to expedite those projects and livelihood programs.
Localities across the country will be asked to bring forward the issuance of these bonds and endeavor to get the job done before the end of the second quarter of this year.
"It is essential to make well-calibrated arrangements in advance to keep the projects under construction going, and launch some new projects in light of real needs," Li said.
