stimulus package

China’s Ministry of Finance is mulling selling 1.5 trillion yuan of bonds in 2H2022 to pump prime slowing economy, Bloomberg says

The plan would provide payments of US$600 to most Americans and US$300 a week in enhanced unemployment benefits through March.

With the exception of China, governments in developed and emerging economies have unleashed trillions of dollars in stimulus spending.

“It is important not to have excessive expectations or merely focus on the headline numbers," says Deputy Prime Minister and Minister for Finance Heng Swee Keat.

The upcoming package is expected to surpass the $20.5 billion stimulus package unveiled in 2009. But, even then, some economists believe it might still not be enough.

This writes a new chapter in the central bank’s 106-year history and puts them in a role that the Fed has traditionally argued belongs to fiscal policy and elected officials.It also opens up the central bank to questions of over stepping.

“What makes Singapore different from other countries is that we have confidence in each other, we feel that we are all in this together, and we do not leave anyone behind,” said Prime Minister Lee Hsien Loong. “This is SG United, we are SG United.”

This comes barely a month after DPM Heng Swee Keat in his Budget 2020 speech on Feb 18 unveiled a $4 billion package to stabilise the Singapore economy and support local workers caught up in a swirl of near-term uncertainties.