China is close to unveiling an additional fiscal stimulus package to prevent layoffs and debt defaults and secure its post-COVID-19 economic recovery, experts said.
Zhu Baoliang, chief economist with the State Information Center, said at a seminar on Tuesday that the 3 percent GDP growth target is necessary to stabilize the economy, but a bigger concern is the late fiscal stimulus package due to a delay in the annual NPC meeting.
Liu Shangxi, head of the Chinese Academy of Fiscal Sciences under the Ministry of Finance, said the funds raised via treasury bonds can help stimulate consumption through direct subsidies for residents and improved public services, to drive domestic demand. It can also support the skills training of unemployed people after the outbreak.
Li Qilin, chief analyst at Yuekai Securities, said this year the special treasury bonds could be issued for some targeted State-owned commercial banks, a mechanism similar to the one used in the past. The central bank could also cut the reserve requirement ratio for those banks to supplement liquidity.
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