BUSINESS-ECONOMY
After a conference of senior officials urged for additional stimulus, China's authorities promised to implement more effective fiscal policies and increase efforts to stabilise the housing and equities markets. Regulating the supply of land for new construction are two steps the government will take to boost the recovery of the property market. This is according to China news service, citing Dong Jianguo, a Deputy Minister at the Housing Ministry. The China Securities Regulatory Commission announced plans to increase oversight of derivatives, quantitative trading, margin trading, and spot and futures prices. According to the ministry of finance, more effective and long-lasting fiscal policies and better macroeconomic rules will be put in place next year. In addition, the government would extend the investment regions for local government special bonds and boost their issuance and consumption. The announcements follow a two-day meeting of the Central Economic Work Conference in Beijing. Officials led by President Xi Jinping pledged to increase the fiscal deficit target for next year. Stimulating total domestic demand and "lifting consumption vigorously" were their top priorities for the second time in at least a decade. Signs of recovery in consumption and industry activity have helped China's faltering economy recover somewhat in recent weeks. That is thanks to increased government backing. Since policies haven't been robust enough to rescue the economy from deflation, confidence broadly is still low. None
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