China says it will provide additional financial support for post-disaster reconstruction, and step up efforts to enhance disaster prevention capability. Sun Tianyuan reports. 

Chinese authorities announced an additional 1 trillion yuan of sovereign bond during the fourth quarter. 

The funds, about 137 billion US dollars, will mostly be used for reconstruction in disaster-hit areas, as well as for improving infrastructure and emergency response. 

ZHANG SHIXIN Deputy Secretary General, China's National Development and Reform Commission "Multiple regions including Beijing, Tianjin, Hebei, Northeast China, Henan have suffered from rainstorms and floods earlier this year. This revealed weaknesses in China's flood control and management, as well as disaster relief emergency response and related infrastructure projects. That's why we need to increase investment urgently."

The move will increase China's budget deficit in 2023 to 4.88 trillion yuan. That's about 3-point-8 percent of its GDP, an increase of point-8 percentage points. China's finance ministry says the overall risk of the additional deficit is within control. 

ZHU ZHONGMING China's Vice Minister of Finance "Although there has been a slight increase in the deficit rate this year, it is still within a reasonable range. After being put into use, it is also conducive to driving domestic demand and further consolidating the economic recovery trend."

SUN TIANYUAN Beijing "Authorities say they will keep tracking the money and make sure it's used appropriately. They will continue to support local governments to enhance their disaster prevention and management, and ensure a safer and more stable environment for the people. Sun Tianyuan, CGTN, Beijing."