© Bloomberg. Pedestrians walk past a Chinese flag in the Lujiazui financial district in Shanghai, China, on Tuesday, Dec. 1, 2020. China unexpectedly added medium-term funding to the financial system on Monday, as the central bank sought to ease liquidity tightness in the final weeks of the year. Photographer: Qilai Shen/Bloomberg
(Bloomberg) — China will strengthen fiscal support in key areas including food, energy, and technology in order to ensure the country’s economic security, the finance minister said.
The government should pre-emptively and pro-actively prevent all kinds of risks in the economy, including around the hidden debts of local governments and those associated with high-risk financial institutions, Liu Kun wrote in an article published Friday in Study Times, a Communist Party publication.
Fiscal policies should also play a better role in supporting the government’s long-term economic goals, such as boosting domestic demand, building technology self-reliance and upgrading industrial supply chains, he said.
China’s latest economic blueprint outlines a vision for the nation as a technological powerhouse, supported by a strong domestic market. The government has said it is pursuing quality growth over speed and expects the economy will double in size by 2035.
©2020 Bloomberg L.P.
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