China Will Increase Government Spending to Bolster Economy

China will expand government spending in 2024 through a combination of policy tools, Lan Foan, the country’s newly appointed finance minister, said as Beijing steps up efforts to stimulate domestic demand and shore up the economy.

The government will strengthen the overall coordination of fiscal resources, utilizing a combination of special bonds, national bonds, and other policy tools such as tax incentives and fiscal subsidies to moderately expand the scale of fiscal spending, Lan said in an interview published Thursday by official newspaper People’s Daily.