Economy > Macro

China to increase government spending in 2019 to shore up economy

2019-01-23 15:51

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The Ministry of Finance said on Wednesday China decides to increase fiscal spending in 2019 to support its economic development. Economists expect more fiscal stimulus, including bigger tax cuts and more spending on infrastructure projects, which will  be announced during the annual parliamentary meeting in March.
The government is also studying on reducing social security fees to lighten the burden on small companies, according to Finance Minister.
China’s fiscal spending rose 8.7 percent to 22.1 trillion yuan in 2018, while revenue increased 6.2 percent to 18.3 trillion yuan. The 2017 deficit target was 3 percent, and the government lowered the 2018 deficit target to 2.6 percent of GDP, the first cut since 2012. , it might be between 2.6 percent and 3 percent for deficit target in 2019 , according to sources.
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