China's stimulus policies aim at boosting domestic demand: Vice Minister of Finance

According to a Bloomberg report, Vice Minister of Finance Liao Min stated that the recent stimulus measures introduced by China are primarily aimed at boosting domestic demand and achieving the annual economic growth target.

Investors are awaiting the meeting of the Standing Committee of the National People's Congress scheduled for early next month, where details of the fiscal stimulus plan are expected to be unveiled.

Speaking to Bloomberg during the International Monetary Fund (IMF) and World Bank annual meetings in Washington on Friday (Oct. 25, Liao emphasized that the goal is to strengthen macroeconomic policies, further expand domestic demand, and achieve this year’s GDP growth target.

He noted the need for coordination with monetary policy to promote economic structural adjustments, particularly in boosting domestic demand, including consumption.

He highlighted that the scale of this round of policies is quite significant, reiterating remarks made earlier by Minister of Finance Lan Fo'an.

Liao also indicated that any details regarding China's fiscal policy will be announced after the meeting of the Standing Committee of the National People's Congress scheduled for Nov. 4-8. He added that China’s fiscal policy must follow legal procedures.

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