China to roll out a package of incremental fiscal policies to support economy

China will roll out a package of incremental fiscal policies in the near term to support the economy, Minister of Finance Lan Fo'an told a press conference on Saturday (Oct. 12).

The package includes increasing the debt ceiling, issuing special national bonds, overlapping the use of local government special bonds/special funds/tax policies and other tools to support the property market, and increasing the support and protection of key groups.

There remains considerable room for China's central finance to issue debts and expand the deficit, Lan said.

China will apply a set of fiscal policy tools including local government special-purpose bonds, special funds, and taxation policies to help stabilize the property market.

Lan introduced that since this year, the central government has provided 66.7 billion yuan of employment subsidies to support localities to do jobs for college graduates and other key groups, as well as vocational skills training.

The number of national scholarships has doubled from 60,000 to 120,000 for undergraduates, from 35,000 to 70,000 for masters, and from 10,000 to 20,000 for doctors; the standard of the award was raised from 8,000 yuan to 10,000 yuan; the grant standard has been raised, with the average subsidy standard raised from 3,300 yuan to 3,700 yuan, the deputy minister said.

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