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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
China's finance minister Lan Fo'an, March 6, 2024. /CFP
China's finance minister Lan Fo'an emphasized the importance of a proactive fiscal policy in consolidating and enhancing the country's economic recovery in an article published on Saturday.
Lan outlined the ministry's commitment to implementing the spirit of the Central Economic Work Conference and the specific arrangements of the Government Work Report.
Echoing the directives of the Central Economic Work Conference, Lan underscored the need for the continued implementation of a proactive fiscal policy.
He stressed on increasing the intensity of fiscal expenditure. China has set the quota for new local government special-purpose bonds at 3.9 trillion yuan ($550 billion) this year, along with a reasonable expansion of the scope of special bond issuance and the use of project capital funds.
China's Ministry of Finance. /CFP
China has announced to issue 1 trillion yuan in ultra-long-term special government bonds. The funds will be specifically used for the implementation of major national strategies and the construction of security capabilities in key areas.
China's central government transfers to local governments will amount to 10.2 trillion yuan, representing a 4.1 percent increase in comparable terms after excluding one-off factors from last year and this year.
Lan also noted on closer coordination between fiscal and tax policies and employment policies to expand employment opportunities. The central government will allocate 66.7 billion yuan in employment subsidies to support local governments in implementing employment promotion policies.
Lan added that efforts will be made to promote stable fiscal operations and achieve sustainable development.