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China Vice Finance Minister says fiscal spending, policy will help expand domestic demand
China Vice Finance Minister: • 2023 tax and fee cuts, rebates totalled 2.2 trillion yuan. • Expects fiscal revenue to continue to recover in 2024. • Will maintain certain intensity in fiscal spending in 2024. • Fiscal policy will help expand domestic demand. • Will appropriately increase investment under central government budget. This is hardly flood-like stimulus, but China has been saying that won't be coming. China's piecemeal efforts have not adequately addressed a moribund, deflationary economy. Still, these efforts are better than nothing. In other news from China, this is from a Bloomberg report ... (full story)