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China's proactive fiscal policy to be more positive: finance minister

Updated: May 14,2020 04:56 PM    Xinhua

BEIJING — China's proactive fiscal policy will be more positive to soften the impact of the COVID-19 epidemic on efforts to reach major development goals this year, said China's finance minister.

Finance Minister Liu Kun wrote in an article published in the People's Daily that the country will improve the quality and effect of its fiscal policy and ramp up counter-cyclical adjustments to cushion the economy against the epidemic, while continuing to fend off debt risks.

Efforts must be made to secure a victory in the fight against the epidemic and finish building a moderately prosperous society, said Liu.

For hedging against the downward pressure facing the economy, Liu reiterated the need to adhere to measures including increasing the government deficit ratio, implementing tax and fee reductions, and expanding government investments.

Ensuring employment should be prioritized, while support for micro, small and medium-sized companies and virus-hit sectors is key to keeping the economy stable, said Liu.

With facilitating foreign trade and investment in mind, the country will nurture innovation and industrial upgrading, advance high-quality growth of manufacturing and keep the industry chain stable.

In revitalizing rural areas, food security and pork supply must be guaranteed, said Liu.

Fiscal policy will also be leveraged in a more proactive manner to help lift the remaining poor population out of poverty this year and ensure financial support for those most in need, according to the minister.