China fiscal policy to help avoid sharp growth slowdown: Finance Minister

[BEIJING] China must implement an expansionary fiscal policy this year to help prevent a sharp slowdown in the economy, Finance Minister Lou Jiwei said at a news conference on Friday.

Local governments will repay more than 100 billion yuan (S$21.9 billion) in debt this year, Mr Lou said at news conference held during the annual meeting of the National People's Congress, the country's parliament.

Mr Lou 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.

REUTERS