China to enact more proactive fiscal policy

China will enact more proactive fiscal policy and moderately loose monetary policy with detailed measures to be delivered at the two sessions the next year, said an official on Saturday.

The two sessions are the annual sessions of China's top legislature and political advisory body.

Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, said the move marked a shift from the "prudent" monetary stance for the first time since China dealt with the 2007-09 global financial crisis.

This shift was to better navigate the uncertainties of economic development and provide strong support for achieving China's economic target, Han said.

Further efforts are expected to raise the fiscal deficit ratio, expand the deficit scale, increase the issuance of ultra-long-term special treasury bonds and local government special bonds, and step up fiscal spending, all aimed at ensuring a favorable stimulus for economic growth, Han added.

Furthermore, Han noted that bolstering domestic demand is a long-term strategy to drive economic growth and further moves are in the pipeline.