Chinese finance minister vows more supportive policies for all-round well-off society

China's growing financial strength provides a solid guarantee for securing a decisive victory in building an all-round well-off society, Minister of Finance Liu Kun told a press conference on Friday. 

China's fiscal revenue totaled 142.8 trillion yuan ($22.1 trillion) from 2012 through to 2020, with an average annual growth rate of 5.7 percent, according to the Ministry of Finance (MOF). 

The country's national general public budget revenue increased by 21.8 percent in the first half year of 2021, standing at 11.71 trillion yuan and up by 8.6 percent over the same period in 2019, MOF data showed. 

"The existing domestic and overseas environments remain complicated, coupled with loads of uncertainties and instability factors. We need to maintain the continuity, stability and sustainability of fiscal policy in the second half to avert a sharp turn and to maintain the necessary support for economic recovery," Liu said. 

Liu added that the ministry will steadily improve its social security benefits and give weight to employment in macro policies.

"Tax cuts and fee reduction policies will be further optimized and practiced to help market players regain their vitality. It is expected to reach 700 billion yuan for all of 2021." 

The central government will still live on a tight budget, spend money where it can be put to best use and cut down on sharply non-urgent and non-rigid expenditure, the minister said.  

"We shall not only bake a bigger cake but divide it in a much fairer way and ensure that development outcomes benefit all the people in a more equitable manner," Liu said.

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