BEIJING: China will accelerate the issuance and use of government bonds, new Finance Minister Lan Foan told state-run news agency Xinhua in an interview published on Sunday.
China will also steadily promote the resolution of local government debt risks, he said, according to Xinhua.
Lan, a 61-year-old technocrat with little central government experience, was named finance minister, state media said last month, as the government ramps up fiscal stimulus to revive the world’s second-biggest economy.
He was named the Communist Party chief at the finance ministry in September, succeeding Liu Kun who had been finance minister since 2018. Previously, Lan was the party chief of the northern province of Shanxi.
His appointment, which had been widely expected, comes as Beijing draws on a well-used playbook that relies heavily on debt and state spending but that analysts say falls short on the deeper reforms.
China’s top parliament body last month approved the issuance of 1 trillion yuan ($140 billion) in sovereign bonds in the fourth quarter to fund rebuilding of areas hit by this year’s floods, state media said.
The economy grew faster than expected in the third quarter, improving the chances Beijing can meet its full-year growth target of around 5%.
But headwinds persist as a property crisis deepens and private firms are reluctant to spend amid weak confidence.
China will also steadily promote the resolution of local government debt risks, he said, according to Xinhua.
Lan, a 61-year-old technocrat with little central government experience, was named finance minister, state media said last month, as the government ramps up fiscal stimulus to revive the world’s second-biggest economy.
He was named the Communist Party chief at the finance ministry in September, succeeding Liu Kun who had been finance minister since 2018. Previously, Lan was the party chief of the northern province of Shanxi.
His appointment, which had been widely expected, comes as Beijing draws on a well-used playbook that relies heavily on debt and state spending but that analysts say falls short on the deeper reforms.
China’s top parliament body last month approved the issuance of 1 trillion yuan ($140 billion) in sovereign bonds in the fourth quarter to fund rebuilding of areas hit by this year’s floods, state media said.
The economy grew faster than expected in the third quarter, improving the chances Beijing can meet its full-year growth target of around 5%.
But headwinds persist as a property crisis deepens and private firms are reluctant to spend amid weak confidence.
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