China to step up fiscal support for new economic strategy

Minister of Finance Liu Kun answers questions at a news conference in Beijing on March 7, 2019. - China Daily/ANN

BEIJING (Reuters): China will step up fiscal policy support for a strategy to make its economy mainly rely on domestic demand, supply chains and innovation, Finance Minister Liu Kun said.

China has unveiled a “dual circulation” strategy for the next phase of economic development in which it will rely mainly on “domestic circulation” -- the internal cycle of production, distribution, and consumption, supported by innovation and upgrades in the economy.