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China's Minister of Finance Lou Jiwei takes questions from journalists at a news conference during the ongoing two sessions in Beijing, March 6, 2015. [Photo/ Xinhua]

Finance Minister meets press

Finance Minister Lou Jiwei made several remarks on Friday about China's finances at a press conference on the sidelines of the annual session of the National People's Congress.

Lou remarked that the risk of China's local government debt is generally manageable.

He also denied rumors that the government spent 300 billion yuan ($47.9 billion) on public vehicles, receptions and trips.

Finally, Lou defended the country's moderately expansionary fiscal policy, saying it is necessary in coping with the downward pressures in its economy.

Read more about Lou's press conference