3rd round of stimulus checks...Attention on the rate of increase in the fiscal deficit

[Anchor]
China has released its third stimulus package to achieve its growth target of around 5% this year, but specific amounts have been omitted.

At the end of this month, we have to wait and see the rate of increase in the fiscal deficit to be decided at the National People's Congress, which is the equivalent of the National Assembly.

This is Beijing correspondent Kang Jeong-gyu.

[Reporter]
Young people crouch on the floor and look at smartphones, spread out mats or sleeping bags and take a nap.

This is a view of a public toilet in Huangshan, a famous tourist destination in China, during the last National Day holiday.

Even with the Chinese authorities' encouragement of consumption, tourists flock to save about 100,000 won on accommodation costs.

[Hwangsan Scenic Area Announcement: The temperature difference within the tourist attraction is large. Travelers who have not booked their accommodation should go down the mountain. The bathroom does not provide accommodation services.

China's consumer price index (CPI) also rose just 0.4% in September, leaving deflation concerns lingering.

Immediately after the announcement of the so-called "September 24 monetary policy," the Chinese stock market, which had "vertical rise" of around 30%, also declined.

This reflects the market's disappointment with the 38 trillion won stimulus package announced after the National Day holiday.

Then, even by increasing the fiscal deficit, additional measures were taken to reduce local debt and provide subsidies for low-income families.

It also announced a plan to allow local governments to issue special bonds to resolve unsold housing.

[Ran Poan / China's finance minister: The central budget still has ample room to increase debt and increase deficits]

However, the specific size of the deficit expansion or the amount of bonds issued was not disclosed.

The market reaction, which expected a stimulus package worth 380 trillion won, is sour.

This is why attention is being paid to the CPC Standing Committee, which will determine the rate of increase in the fiscal deficit later this month.

I'm Kang Jeong-gyu from Beijing.



Video editing;Song Bo-hyun

Design;Lee Na-young