Chinese Officials Vow to Carry Out Plans for Growth Stimulus
- Finance ministry promises that it will accelerate VAT refunds
- Central bank officials say they will step up policy plans
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Chinese officials have vowed to carry out a slew of government policies to stimulate growth following Premier Li Keqiang’s recent call to avoid a Covid-fueled economic contraction this quarter.
Ministry of Finance authorities said Thursday they would accelerate refunds of value-added taxes, make it easier for small companies to bid on government purchasing projects, and ensure that local special bonds -- which are mainly used to fund infrastructure projects -- are issued in a smooth manner, according to a ministry briefing. At a separate press conference, People’s Bank of China officials promised to step up their plans to implement monetary policy to help maintain growth.