China's finance minister announces additional stimulus package on 12th

The finance minister is set to announce further policy following China's central bank's announcement of monetary policy adjustments, including liquidity supply and a cut in home lending rates.

According to the press office of the State Council, Chinese Finance Minister Lan Poan decided to hold a press conference at 10 a.m. local time on the 12th.

The conference comes after the People's Bank of China recently unveiled its policy of cutting the reserve ratio by 0.5 percentage points and supplying 1 trillion yuan in long-term liquidity, and the National Development and Reform Commission announced plans to allocate strategic industry and infrastructure investment budgets early.

Economic experts have suggested that fiscal policies, such as expanding public investment, need to keep pace as the People's Bank of Korea has begun adjusting its monetary policy amid a slump in real estate and domestic demand.

Reuters said Chinese authorities plan to issue special bonds worth 2 trillion yuan in the second half to meet their growth target of around 5% this year, adding, "The market is waiting for what fiscal policies the Chinese government will come up with following the central bank and regulators' monetary stimulus announcement last month to boost the real estate market."