China Ministry of Finance Outlines Fiscal Policy Priorities for Second Half of Year

The China News Service reports that the Ministry of Finance released a document detailing fiscal policy execution for the first half of the year. Officials plan to maximize existing policy effectiveness while preparing new measures. The government intends to focus on six key areas, including expanding domestic demand and supporting industrial innovation. The report emphasizes prioritizing spending in key sectors to improve efficiency and policy outcomes. Authorities aim to accelerate government bond issuance to generate physical work volume quickly. Furthermore, the government will inject capital into central financial enterprises to strengthen risk management and support the real economy while addressing local debt. Fiscal and financial policies will be coordinated to encourage consumer spending and private investment. Officials plan to utilize special bonds and budget investments to support major projects and new productive forces. The strategy focuses on upgrading traditional industries while fostering emerging sectors through targeted funding and enhanced support for technological innovation. The government remains committed to stabilizing employment and increasing income for vulnerable groups. Policies include childcare subsidies, preschool education, and elderly care services. Authorities will enforce strict budget discipline, ensure government agencies maintain a frugal lifestyle, and strengthen financial oversight to improve the overall effectiveness and authority of fiscal management.