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China's general public budget spending up 6.4 pct in 2023




China's general public budget spending up 6.4 pct in 2023

2024-06-25 22:12 Last Updated At:06-26 00:37

⁠⁠⁠⁠⁠⁠⁠China's public budget spending expanded 6.4 percent year on year to 14.9 trillion yuan (about 2.05 trillion U.S. dollars) in 2023, the country's top auditor said Tuesday.

According to a report released by the National Audit Office of China (CNAO), the central government's general budget revenue totaled over 10.74 trillion yuan (about 1.48 trillion U.S. dollars), resulting in a deficit of 4.16 trillion yuan, consistent with expected levels.

The National Development and Reform Commission managed 680 billion yuan (about 93.6 billion U.S. dollars) of central government investment, including 180 billion yuan for central government expenditures and 500 billion yuan for transfer payments to local governments.

The investment mainly went to seven sectors, including major infrastructure construction, major strategic initiatives, regional coordination, ecological civilization construction, and industrial and supply chain security.

"The audit report reflects that the overall situation of central fiscal management is satisfactory. General public budget expenditures at the central level increased by 6.4 percent compared to the previous year, while transfer payments from the central government to local governments increased by 6.1 percent. In 2023, we saw over 2.2 trillion yuan saved under new preferential tax and fee policies, and the support to the necessary level of spending and economic recovery was maintained," said Lin Hai, deputy director of the policy research office at the CNAO.

In 2023, 41 departments and 346 affiliated institutions subject to audit received 582.4 billion yuan (about 80.2 billion U.S. dollars) as fiscal budget allocation.

The audit also discovered that more than 22.6 billion yuan (about 3.1 billion U.S. dollars) was spent improperly.

China's general public budget spending up 6.4 pct in 2023

China's general public budget spending up 6.4 pct in 2023

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China, Vanuatu enjoy long, close relationship

2024-07-14 11:02 Last Updated At:11:37

China and the Pacific islands nation of Vanuatu have been enjoying a long-term and close ties since the two countries established diplomatic ties in 1982.

Vanuatu gained independence in 1980 after being under the joint sovereignty of France and Britain. Two years later, Vanuatu and China established formal diplomatic relations. The Chinese embassy was built just a few years after that.

Today, China is Vanuatu's second largest trading partner, accounting for about a quarter of the country's imports.

Earlier this month, China donated a new multi-million-dollar presidential palace in a handover ceremony. It's the latest in a series of Chinese aid projects that includes the National Convention Center, and government offices.

"Vanuatu's relationship with China is very important. It's one of our main important relationships we have. Traditionally, we've had very strong relations with Australia. Australia has been our, and I think it still is our main source of development assistance and trade. But more and more China has been coming into that space. China has become much more important as we see the rise of China," said Ralph Regenvanu, Minister of Climate Change of Vanuatu.

Vanuatu is blessed with a diverse terrain and beautiful scenery.

Vanuatu's capital of Port Vila, home to around 50,000 people, is the country's biggest city. While small in size, it is usually bustling with people, thanks in part to the role tourism plays in this country.

The Republic of Vanuatu sits in the Pacific, about 1,700 kilometers northeast of Australia.

It's a Y-shaped archipelago, consisting of more than 80 islands formed from volcanoes. In fact, there are several active volcanoes, as well as underwater volcanoes in the country. Volcanic activity is described as an ever-present danger. The most recent one took place last year.

The country's geography and location in the Pacific makes it more prone to natural disasters than almost any other places on the planet. That includes the ever present danger of cyclones. Last year, Vanuatu was hit by back-to-back cyclones in just 48 hours, impacting most of the country's more than 300,000 people.

About 80 percent of the population depends entirely on subsistence farming as it is an agriculture-based economy.

People grow and sell tropical fruits and vegetables as their main source of income. Some of the main crops include kava, coconut and coffee.

Like many Pacific islands nations, the beautiful country is being greatly impacted by climate change which includes rising sea-level, coastal erosion and damage from more frequent and more intense severe weather events.

China, Vanuatu enjoy long, close relationship

China, Vanuatu enjoy long, close relationship

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