BEIJING, Dec 24 Reuters China will ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents as well as expanding consumer goods tradeins, its finance ministry said on Tuesday.
The country will boost the basic pension for retirees and for urban and rural residents and raise financial subsidy standards for urban and rural residents39; medical insurance to help vigorously boost consumption, the ministry said after concluding a twoday national fiscal work conference.
China will also intensify support for consumer goods tradeins and expand effective investment and drive more social investment through government investment, the ministry said.
The measures will improve people39;s livelihoods and the policy system to support population growth as well as strengthen the social security network and health care system, it said.
Fiscal spending will enhance technological innovation capabilities and fully support the research and development of key core technologies and promote industrial upgrading, the ministry added.
At an agendasetting meeting this month, Chinese leaders pledged to increase the budget deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate as it girds for more trade tensions with the U.S. when Donald Trump returns to the White House.
Chinese authorities have agreed to issue 3 trillion yuan 411.04 billion worth of special treasury bonds next year, Reuters reported on…