China Raises 2016 Deficit to 3% as Leaders Seek to Boost Growth
Vehicles move along an expressway as towers at Kaisa Plaza, developed by Kaisa Group Holdings Ltd., left, stand near completion at night in Beijing, China, on Tuesday, March 10, 2015. China set the lowest economic growth target in more than 15 years and flagged increasing headwinds that include a property slump, excess industrial capacity and disinflation.
Photographer: Tomohiro Ohsumi/BloombergChina raised its projected budget deficit for 2016 to 3 percent of gross domestic product as leaders look to fiscal policy to boost flagging growth.
The projected deficit is up from 2.3 percent of GDP in 2015, the Finance Ministry said in its 2016 budget. Fiscal spending for 2015 grew 13.2 percent, exceeding a target of 10.6 percent. The figures were released on the opening day of the national legislature’s annual session.