China’s finance ministry to detail fiscal policy on Saturday

BEIJING (Reuters) – China’s finance ministry will hold a news conference on Saturday to detail plans on fiscal stimulus intended to lift a faltering economy, the government’s main information office said on Wednesday.

Markets have been waiting for details on what fiscal policies China’s government will roll out in the coming weeks after the central bank and regulators announced monetary stimulus measures and steps to revive the property market last month.

Finance Minister Lan Fo’an will attend the press conference, the State Council Information Office said. The notice said the theme of the news conference was “intensifying countercyclical adjustment of fiscal policy to promote high-quality economic development.”

China plans to issue special bonds worth about 2 trillion yuan ($283.43 billion) to spur growth after the economy sputtered since the second half of the year and appeared on track to fall short of the government’s target of growth of around 5%, Reuters reported last month.

($1 = 7.0565 Chinese yuan renminbi)