“More forceful” fiscal measures to be unveiled to boost growth – China’s Ministry of Finance

By FXStreet FXStreet (Mumbai) – The Ministry of Finance in China announced early Wednesday “more forceful” measures to boost economic growth in the country, in turn causing a rally on the stock markets.

It said it would support some major infrastructure projects, implement tax cuts for small businesses and remove personal income tax on dividends for shareholders holding stocks for more than a year. The ministry would also accelerate the approval process for duty-free stores to support construction.

The ministry officials also said they would issue debt quotas for local governments after saying they had raised 1.82 trillion yuan through debt issues as of August 27.

The finance ministry statement noted, “We will accelerate the implementation and improvement of proactive fiscal policy and related measures, do timely fine tuning, and speed up reform measures to support stable growth and promote continued healthy economic development.”

On Tuesday, the National Development and Reform Commission (NDRC) approved two railway projects worth together almost 70 billion yuan.
For more information, read our latest forex news. …read more

Source:: FX Street