Fiscal Balance in China
China - Fiscal Balance
Authorities resort to fiscal stimulus to stem economic slowdown
The Chinese government has speeded up the approval of new investment projects in an attempt to fuel economic growth, as sluggishness in the global economy and a subsequent domestic slowdown have started to take their toll. The National Development and Reform Commission (NDRC) has already approved 868 large investment projects in the first four months of 2012, compared to just 363 in the same period last year. According to local media, the NDRC approved more than 100 projects on 21 May alone. The new investment approvals encompass most sectors, including clean energy, transport, industrial modernization and rural infrastructures. Moreover, on 16 May, the State Council granted consumption subsides of CNY 26.5 billion (USD 4.2 billion) to purchase household appliances and CNY 6 billion (USD 949 million) to buy fuel-saving vehicles. Analysts estimate that the new measures will amount to between CNY 1 trillion (USD 158 billion) and CNY 2 trillion (USD 316 billion). That said, the NDRC has ruled out the possibility of a new round of economic stimulus measures of the magnitude of those implemented in 2008/2009, when China launched a massive CNY 4 trillion stimulus package (around 10% of GDP).
China - Fiscal Balance Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -3.4 | -3.8 | -3.7 | -4.1 | -4.9 |
China Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 3.17 | -0.40 % | Dec 31 |
| Exchange Rate | 6.96 | -0.19 % | Jan 01 |
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Economic News
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China: Industrial output records lowest growth since March 2020 in September
October 18, 2021
Industrial output grew 3.1% compared to the same month of the previous year in September, which followed August's 5.3% increase.
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China: Nominal fixed investment records slowest expansion since December 2020 in September
October 18, 2021
Nominal urban fixed asset investment grew 7.3% in year-to-date terms in September, which was a deterioration from August's 8.9% increase.
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China: Retail sales growth gains steam in September
October 18, 2021
Retail sales expanded 4.4% year-on-year in September (August: +2.5% yoy).
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China: Merchandise exports increase in September
October 13, 2021
Merchandise exports soared 28.1% year-on-year in September, on the heels of August’s 25.6% upturn and overshooting market expectations.
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China: Credit growth eases further in September
October 13, 2021
In September, Chinese banks distributed CNY 1.7 trillion (roughly USD 260 billion) in new yuan loans, up from August’s 1.2 trillion figure. Annual growth in M2 money supply edged up from 8.2% in August to 8.3% in September, while annual growth in the stock of total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—was down from 10.3% to 10.0%.
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