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To
spur consumption, some local governments have issued consumption
vouchers, but those steps remain inadequate due to a serious
decline in fiscal revenue at all levels, Lou Jiwei told the
Caixin Summer Summit in Beijing.
China has unveiled a raft of economic support measures in recent
weeks, but analysts say its official 2022 economic growth target
of around 5.5% will be hard to achieve.
This year, much of the support for the world's second-biggest
economy has come from fiscal stimulus to counter the impact from
COVID-19.
The cabinet has told local governments to ensure 3.45 trillion
yuan ($515 billion) in special bond issuance for infrastructure
- part of the 2022 special bond quota of 3.65 trillion yuan - is
completed by the end of June.
China will front-load some planned 2023 bond issuance in the
fourth quarter of this year, with the new quota likely bigger
than 1.46 trillion yuan for 2022, sources have told Reuters.
There is still some room for the central government to disburse
funds, said Lou, who is now at a top political advisory body.
"When necessary, we can increase the central and local budget
deficits," he said.
($1 = 6.6945 Chinese yuan renminbi)
(Reporting by Ryan Woo and Tina Qiao; Editing by William
Mallard)
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