China offers US$325bil in fiscal stimulus for ailing economy
China said Saturday (Oct 12) it will make US$325bil in fiscal support available to its economy over the next three months, offering help to bolster banks, shore up the property market and free up consumption spending in Beijing's biggest aid programme since the global financial crisis.
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NewsTranscript
00:00We see that the Central Political Bureau meeting held the day before yesterday proposed to maintain necessary fiscal spending.
00:19At present, we are accelerating the use of national debt.
00:24Super long-term special national debt is also being used continuously.
00:28In terms of special national debt, the amount to be issued and the funds to be issued will be used.
00:36In the next three months, there will be a total of 230,000 billion yuan in special national debt.
00:45The Ministry of Finance and the relevant departments have jointly implemented a series of measures.
00:54The Ministry of Finance and the relevant departments have jointly implemented a series of measures.
01:05The Ministry of Finance and the relevant departments have jointly implemented a series of measures.
01:11The Ministry of Finance and the relevant departments have jointly implemented a series of measures.
01:20The Ministry of Finance and the relevant departments have jointly implemented a series of measures.
01:29We allow special national debt to be used for land reserve.
01:34We support the local government to use the special national debt to recover the land that meets the conditions.
01:41We support the local government to use the special national debt to recover the land that meets the conditions.
01:49If necessary, the land can also be used for land reserve projects.
01:54We will implement a total of 10,000 billion yuan of super long-term national debt issuance this year.
02:04We will implement a total of 10,000 billion yuan of super long-term national debt issuance this year.
02:13The next step is to expand the scope of special national debt.
02:19We will maintain the strength and rhythm of the government investment.
02:26We will reduce the cost of financing and promote the development of high-value.
02:30We will reduce the cost of financing and promote the development of high-value.