China Vows to Strengthen Fiscal Support in Key Areas Like Tech

(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.

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With assistance from Bloomberg