China’s Lan Fo’an Vows More Proactive Fiscal Push Amid Rising Risks

China’s Finance Minister Lan Fo’an said Beijing will step up the use of "proactive" fiscal policy tools to underpin growth, signalling a larger role for government spending and tax support as the economy struggles to regain momentum. Lan told reporters on 29 July that the ministry will introduce additional measures aimed at stimulating domestic consumption, which he described as the principal engine for recovery. He also pledged to promote the “healthy development” of the country’s property market—an area that has weighed on confidence since a sector-wide downturn began in 2021. The minister cautioned that the external and domestic environment is becoming “increasingly uncertain,” and reiterated the government’s commitment to “actively resolve” local-government debt risks, which have mounted after years of infrastructure-led investment.