China to keep fiscal policy largely stable, to avoid sharp turns in 2021 - Finance Minister

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China will keep its fiscal policy largely stable and make no sharp turns in 2021, said Finance Minister Liu Kun, adding that the country's fiscal policy will remain proactive but to be more sustainable, focusing on promoting its efficiency and quality.

Compared with 2020, the target of fiscal deficit to GDP ratio and the quota for local government special-purpose bond will decline, but still higher than the level in 2019, he said at a press conference.

Special-purpose bonds are designated for investment in infrastructure and public welfare projects which are commercially viable . . .

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