Beijing, March 7: During a press conference on economics held on March 6, at the fourth session of the 14th National People’s Congress (NPC), China’s Finance Minister, Lan Fo’an, announced that this year, the management of fiscal funds has reached new heights in three significant aspects.
First, total expenditures have hit a record high, surpassing 30 trillion yuan for the first time.
Second, the issuance of new government bonds has also reached an unprecedented level, totaling 11.89 trillion yuan. This marks the largest increase in recent years.
Third, transfer payments from the central government to local governments have soared to record levels, enhancing the financial capacity of local authorities. The total amount of transfer payments has reached 10.42 trillion yuan, exceeding 10 trillion yuan for the fourth consecutive year.
(Source: China Media Group, Beijing)
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