Arab Today, arab today china to step up fiscal incentives to boost growth
Last Updated : GMT 19:27:18
Arab Today, arab today
Arab Today, arab today

China to step up fiscal incentives to boost growth

Arab Today, arab today

Arab Today, arab today China to step up fiscal incentives to boost growth

Workers make soft toys at a factory in Lianyungang, China's Jiangsu
Beijing - AFP

China will adopt "stronger" fiscal policies to support growth, Beijing said as it seeks to sooth increasing fears about the world's second-largest economy following turmoil in domestic and overseas markets.

The government will accelerate major construction projects, allow more small companies to benefit from tax cuts, and encourage private capital to invest in key areas, among other measures, the finance ministry said in a statement.

Global markets have been in turmoil for weeks on worries about slowing growth in China, a key driver of global expansion, wiping trillions off share prices. The panic has also hammered mainland Chinese markets, with Shanghai's exchange plummeting after a debt-fuelled bubble burst.
The finance ministry gave no specific values for future spending. But it said that by the end of August the central government had already spent 96 percent of its annual infrastructure investment budget.

To achieve China's 2015 growth target of around seven percent, the ministry said it would step up and improve a "proactive fiscal policy, fine-tune the measures in a timely manner and accelerate reforms that will help stabilise growth".

In share trading Wednesday the Shanghai stock market surged 2.29 percent, extending a rally of almost three percent Tuesday on hopes for government measures to support the economy.

Economic expansion stood at 7.0 percent in each of the first two quarters this year, but on Monday the government lowered its 2014 growth reading to 7.3 percent, from the 7.4 percent announced in January.

Leaders have taken a series of measures to bolster growth and curb falling share prices, including cutting interest rates last month for the fifth time since November and lowering the Chinese currency's central rate against the US dollar by nearly five percent in a single week.

But the benchmark Shanghai Composite Index has slumped nearly 40 percent since mid-June despite official interventions that investment bank Goldman Sachs estimates have cost $234 billion.

Official data released Tuesday showed the country's imports decreased for the 10th consecutive month in August by dropping 13.8 percent, adding to concerns over sluggish domestic demand.

"China's economy has been placed under new pressures recently as uncertainties were added into the world recovery after turmoil in the global financial markets, sharp falls in main stock exchanges, continued depreciation of emerging market currencies and new record lows of prices of commodities including oil," the finance ministry said.

It vowed to reform the tax system and "further regulate" the management of local government debt, which is regarded as a main threat to financial stability.

On Wednesday, the National Bureau of Statistics announced it was reforming quarterly gross domestic product (GDP) calculation method to base the figures on economic activity of each quarter and "improve accuracy".

Analysts have questioned the veracity of official Chinese statistics, with some saying they can paint a rosier picture than reality.

 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china to step up fiscal incentives to boost growth Arab Today, arab today china to step up fiscal incentives to boost growth

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china to step up fiscal incentives to boost growth Arab Today, arab today china to step up fiscal incentives to boost growth

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday