Caixin
Mar 07, 2018 07:50 PM
ECONOMY

China to Maintain Proactive Fiscal Policy Despite Lower Deficit Target, Finance Minister Says

Finance Minister Xiao Jie talks to reporters during a news conference on the sidelines of the National People's Congress at the media center in Beijing on Wednesday. Xiao said China will continue expanding government spending to facilitate economic reforms and social welfare programs. Photo: IC
Finance Minister Xiao Jie talks to reporters during a news conference on the sidelines of the National People's Congress at the media center in Beijing on Wednesday. Xiao said China will continue expanding government spending to facilitate economic reforms and social welfare programs. Photo: IC

China will retain a proactive fiscal policy in 2018 despite a lower targeted ratio of deficit to gross domestic product (GDP), Finance Minister Xiao Jie said Wednesday.

China on Monday cut its deficit-to-GDP ratio for 2018 to 2.6% from 3% in 2017, surprising some observers with the first such reduction since 2013. However, China has kept the value of the projected shortfall in 2018 unchanged at 2.38 trillion yuan ($376.0 billion).

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