MNI China Press Digest July 30:U.S. Trade, Fiscal, Stockholm

Highlights from Chinese press reports on Wednesday:

• Beijing and Washington have agreed to promote the suspension of U.S. reciprocal tariffs and China's countermeasures for an additional 90 days, the Ministry of Commerce has announced, following both sides’ meeting in Stockholm, Sweden. The ministry described the talks as candid, in-depth and constructive exchanges on economic and trade issues of mutual concern. Vice Premier of the State Council, He Lifeng, said both sides should continue to implement the important consensus from the heads-of-state call, make full use of the China-U.S. economic and trade consultation mechanism and continually build consensus.
• China should intensify its counter-cyclical fiscal adjustments by accelerating the issuance and deployment of ultra-long-term special treasury bonds and local government special bonds, Finance Minister Lan Fo’an wrote in an article published in Study Times, a publication affiliated with the Communist Party. To stimulate domestic demand, the government should enhance consumer and services-sector spending by providing interest subsidies on loans to households and service-oriented businesses, the article stated, adding that authorities need to improve the supervision of local special bond funds and promote the establishment of a debt repayment reserve system.
• Senior leaders from China and the U.S. have held in-depth exchanges on each other's macroeconomic policies and reviewed the consensus and framework reached in Geneva and London, Xinhua News Agency reported, citing Li Chenggang, China international trade representative and vice minister of commerce. Li, speaking after the conclusion of this week’s Stockholm talks, said the two sides appreciated the importance of safeguarding stable and sound China-U.S. economic ties.