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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (15152)11/8/2004 2:39:54 PM
From: RealMuLan  Read Replies (1) of 116555
 
China to Trim Budget Deficit
11.08.2004, 03:41 AM

China will selectively reduce spending to help trim its ballooning fiscal deficit, state media reported Monday, citing top economic officials who also stressed Beijing's intention to keep its monetary and currency policies stable.

The reports followed an economic planning conference over the weekend.

Though the government wants to cut the deficit next year, a major reduction in spending is unlikely because of the need to support weaker areas of the economy, such as agriculture, major state-run financial newspapers cited Vice Finance Minister Lou Jiwei as saying.

Lou said the government intends to reduce borrowing by issuing fewer special bonds and short-term notes, while continuing to issue regular bonds, the China Securities Journal and other newspapers reported.

The reports didn't give figures for the debt, which are expected to be released in 2005.

Heavy spending aimed at boosting growth helped push the government's annual deficit from less than 1 percent of gross domestic product in the mid-1990s to more than 3 percent since 1997.

The government's budgeted deficit for 2004 is 319.8 billion yuan (US$38.7 billion; euro 31.6 billion), the same as in 2003.

...
forbes.com
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