Hang Seng closes up 310.97 points on China's planned fiscal support policies
Macro
The Hang Seng Index in Hong Kong closed up 310.97 points, or 1.21 percent, at 26,009.46 points today, after Liao Min, China's Vice Minister of Finance, said the ministry has stepped up fiscal support to boost consumption as part of efforts to increase domestic demand amid China's economy expanding below the government's annual target. Liao said the Ministry of Finance has studied and drafted a new set of integrated fiscal and financial policies, which will be unveiled in the second half of this year. He added that since the beginning of the year, the ministry has allocated 187.5 billion yuan, or about 27.65 billion US dollars, to support trade-in programs for consumer goods, which have led to as many as 178 million purchases, with total sales value of around 1.32 trillion yuan. In addition, the Ministry of Finance will advise local governments to issue bonds, accelerate fiscal spending, and tighten oversight in regions that are lagging behind, in order to push for faster project implementation.
