What has China done to support its economy?

Data from the Chinese Ministry of Finance, seen by Bloomberg News, revealed that government spending rose during the past months of January and February, by 14% compared to the same period last year, reaching 482.8 billion yuan ($66.8 billion), at its fastest pace in 5 years. .

Bloomberg explained that Beijing is gradually moving towards assigning responsibility for supporting economic growth to the central government, rather than local officials, as a means of maintaining the volume of investments and defusing the local debt crisis.

Bloomberg quoted Qing Zhaoping, an economic analyst at the Australia and New Zealand Banking Group, as saying: “Recent data reveal that Beijing intends to boost growth while reducing risks.”

It is worth noting that the central and local authorities in China spent about 700 billion yuan during the first two months of this year on the agricultural, forestry and irrigation sectors, in addition to urban and rural development, an increase of 22% compared to the same period last year.