China to boost proactive fiscal policies, support high-quality development in 2023
(MENAFN) Chinese officials from the Ministry of Finance have announced that China will continue to improve its proactive fiscal policies, boost consumption and investment, and support businesses for high-quality development this year. This move is aimed at consolidating the economic recovery and upgrading the consumer market, which has been affected by the pandemic.
At a press conference, Chinese Finance Minister Liu Kun stated that transfer payments from the central government to local governments reached 9.71 trillion yuan in 2022, a year-on-year increase of 17.1 percent. This will provide stronger support for social security projects at the grassroots level, benefiting local communities.
Xu Hongcai, the vice minister of finance, emphasized that the ministry will fully implement the strategy of expanding domestic demand to stimulate consumption and promote the recovery and upgrading of the consumer market. The ministry aims to support effective investment and stabilize the economy through special local government bonds. Xu pledged to maintain a stable level of government investment this year through appropriate sizes of special bonds.
China's tax and fee policies have helped enterprises to cope with the economic fallout of the pandemic. In 2022, tax refunds, cuts, and deferrals amounted to 4.2 trillion yuan, which has reduced the tax revenue share in GDP from 17 percent in 2018 to 13.8 percent in 2022. This tax support will continue to be implemented this year, said Zhu Zhongming, the vice minister of finance, to help enterprises overcome difficulties and stabilize the economy.
In conclusion, China is committed to its proactive fiscal policies, which are aimed at promoting high-quality development, expanding domestic demand, and stabilizing the economy through special bonds and tax support policies. The government's efforts will provide stronger support for social security projects, stimulate consumption, and upgrade the consumer market.
At a press conference, Chinese Finance Minister Liu Kun stated that transfer payments from the central government to local governments reached 9.71 trillion yuan in 2022, a year-on-year increase of 17.1 percent. This will provide stronger support for social security projects at the grassroots level, benefiting local communities.
Xu Hongcai, the vice minister of finance, emphasized that the ministry will fully implement the strategy of expanding domestic demand to stimulate consumption and promote the recovery and upgrading of the consumer market. The ministry aims to support effective investment and stabilize the economy through special local government bonds. Xu pledged to maintain a stable level of government investment this year through appropriate sizes of special bonds.
China's tax and fee policies have helped enterprises to cope with the economic fallout of the pandemic. In 2022, tax refunds, cuts, and deferrals amounted to 4.2 trillion yuan, which has reduced the tax revenue share in GDP from 17 percent in 2018 to 13.8 percent in 2022. This tax support will continue to be implemented this year, said Zhu Zhongming, the vice minister of finance, to help enterprises overcome difficulties and stabilize the economy.
In conclusion, China is committed to its proactive fiscal policies, which are aimed at promoting high-quality development, expanding domestic demand, and stabilizing the economy through special bonds and tax support policies. The government's efforts will provide stronger support for social security projects, stimulate consumption, and upgrade the consumer market.
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