China's fiscal performance was stable in 2024, with a balanced budget expected for the year, said Vice Minister of Finance Liao Min on Friday.
Speaking at a press conference, the senior official revealed that since September 2024, the effective implementation of a series of incremental policies, coupled with the stabilization of the macro-economy, have led to a positive growth in fiscal revenue. This trend has continued to grow month-on-month through November, exceeding full-year budget targets.
In 2024, China's national general public budget expenditures reached a record high of 28 trillion yuan (approximately 3.82 trillion U.S. dollars), providing vital financial support for economic and social development, and ensuring a balanced budget for the year, according to Liao.
"In terms of promoting consumption, on the basis of carrying out the existing policies aimed at expanding domestic demand, such as supporting the construction of county-level commercial facilities, 150 billion yuan (roughly 20.46 billion U.S. dollars) of ultra-long-term special treasury bonds have been specially allocated in the second half of the year to support the trade-in of consumer goods, especially increasing subsidies for the scrapping and renewal of automobiles and the trade-in of home appliances, to offer direct tangible benefits to consumers," Liao said.
For expanding investment, Liao stated that local governments issued 4 trillion yuan (around 545.5 billion U.S. dollars) in special bonds last year, while broadening the scope of investment and the range of use as project capital. Meanwhile, a total of 1 trillion yuan (about 136.38 billion U.S. dollars) of ultra-long-term special treasury bonds were issued, with 700 billion yuan (roughly 95.46 billion U.S. dollars) allocated to implement major national strategies and build security capacity in key areas.
"When it comes to ensure people's livelihood, we have continued to increase investment and support for low- and middle-income groups and special groups. For instance, the minimum monthly standards for basic pensions of urban and rural residents have been increased. The policies of national scholarships for college students have been further improved and expanded. Living allowances have also been provided to people in need. In fostering new growth drivers, we have strongly supported scientific and technological innovation, promoted high-quality development of manufacturing and modern services, accelerated the development of new quality productive forces, and facilitated the transformation and upgrading of industries and the smooth transition between old and new growth drivers," he said.
To support local authorities in mitigating debt risks, the Ministry of Finance has formulated and implemented the most comprehensive debt relief package in recent years, allocating a total of 12 trillion yuan (roughly 1.64 trillion U.S. dollars) in policy resources, said Liao.
China reports stable fiscal performance, balanced budget in 2024
