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China vice-finance minister says will keep fiscal policy proactive

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China's vice finance minister Zhu Guangyao said China's fiscal policy will remain proactive going forward, but added that deflationary pressure is not as intense as in Europe.

[SHANGHAI] China's Vice-Finance Minister Zhu Guangyao said China's fiscal policy will remain proactive going forward, but added that deflationary pressure is not as intense as in Europe.

The minister made the comments at the opening of the Chinese People's Political Consultative Conference (CPPCC), an advisory body to the country's parliament.

The finance ministry is forging ahead with fiscal reforms in a bid to deal with the root cause of local government debt piles that have amounted to more than US$3 trillion.

The economy grew 7.4 per cent in 2014, its slowest expansion in 24 years. At the opening of the annual parliament meeting on Thursday, Premier Li Keqiang is expected to cut this year's growth target to around 7 per cent from 7.5 per cent in 2014.

The central bank cut official interest rates on Saturday, ahead of the annual meeting of parliament, the latest effort to support the economy as its momentum slows.

REUTERS

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