Monday 23 October 2017

China targets jobs growth over fiscal stimulus

CHINA'S finance minister Lou Jiwei has announced that the nation won't resort to large-scale fiscal stimulus measures this year, adding to signals that the Chinese government will tolerate rather than rail against a slowdown in its economy.

The country will promote growth and boost employment while fine-tuning policies and keeping the fiscal deficit unchanged, and will also avoid big adjustments to short-term macroeconomic policies, said Mr Jiwei.

The move signals a real policy shift for the Chinese government, which responded to the global financial crisis in 2008 with a 4 trillion yuan (€446bn) stimulus package and a wave of bank lending.

Irish Independent

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