China's finance minister says room for economic stimulus but offers no plan

The Chinese government is looking at additional ways to boost the economy, Finance Minister Lan Fo'an said Saturday, but he stopped short of unveiling a major new stimulus plan that analysts and stock investors were hoping for.

Lan's remarks left the door open for such a plan in the future but he did not divulge what is under consideration.

There are other policy tools that are being discussed that are still in the pipeline, he said at a news conference, adding that there is ample room in the government budget to raise debt and increase the deficit.

China's economy has remained sluggish despite the lifting of COVID-19 restrictions at the end of 2022. Companies have cut back on hiring and wages and a prolonged downturn in the property market has deflated consumer confidence, curbing spending.

The government has raised pensions and offered subsidies to people who trade in old cars or appliances for new ones, but such steps have failed to jolt economic growth.

Chinese stock markets .