China to augment implementation of proactive fiscal policy in H2 2022

The country will better utilise local government bonds and enhance coordination between fiscal and monetary policies as well as the implementation of policy-based and developmental financial instruments to advance investment, employment and consumption, the report said.

The government has rolled out a slew of measures, including tax and fee cuts, since the year began to secure people's livelihoods and stabilise the macroeconomy, it said.

In the first half of the year, tax refunds totaling 1.85 trillion yuan ($268.89 billion) were returned to taxpayers, and the re-guarantee business of the national financing guarantee fund hit 596.2 billion yuan, an increase of 85 per cent year on year, official Chinese media reported citing the report.

Fibre2Fashion News Desk (DS)