China Vows to Strengthen Fiscal Support in Key Areas Like Tech

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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