China implements proactive fiscal policy to support economy

China's finance minister Lan Fo'an, reaffirmed on Sunday the importance of a proactive fiscal policy to enhance the country's economic recovery and help the world’s second-largest economy achieve its economic growth goals this year, per Bloomberg. 

Key quotes

“Outlined the ministry's commitment to implementing the spirit of the Central Economic Work Conference and the specific arrangements of the Government Work Report.”

“Underscored the need for the continued implementation of a proactive fiscal policy.”

“Stressed increasing the intensity of fiscal expenditure.”

“MOF will use a combination of policy tools, such as deficits, special local bonds, and ultra-long-term special government bonds.”

Market reaction

At the time of writing, the AUD/USD pair is trading around 0.6557, losing 0.07% on the day.