China's finance minister says there is room for more economic stimulus but offers no plan
China's finance minister says the government is looking at additional ways to boost the economy, but he didn't unveil a major new stimulus plan at a news conference Saturday
BEIJING (AP) — The Chinese government is looking at additional ways to boost the economy, Finance Minister Lan Fo'an said Saturday, but he stopped short of unveiling a major new stimulus plan that analysts and stock investors were hoping for.
Lan's remarks left the door open for such a plan in the future but he did not divulge what is under consideration.
“There are other policy tools that are being discussed that are still in the pipeline,” he said at a news conference, adding that there is “ample room” in the government budget to raise debt and increase the deficit.
China's economy has remained sluggish despite the lifting of COVID-19 restrictions at the end of 2022. Companies have cut back on hiring and wages and a prolonged downturn in the property market has deflated consumer confidence, curbing spending.
