China's general public budget spending up 4.6 pct in first four months

China's general public budget spending rose by 4.6 percent year on year to nearly 9.36 trillion yuan (about 1.30 trillion U.S. dollars) in the first four months, according to data released by the Ministry of Finance on Tuesday.

In breakdown, expenditures on social security and employment amounted to around 1.6852 trillion yuan, up 8.5 percent year on year, while spending on education reached 1.4481 trillion yuan, an increase of 7.4 percent.

Health expenditures totaled 746.2 billion yuan, up 3.9 percent from a year ago, while spending on science and technology came to 295.3 billion yuan, showing a stable increase of 3.9 percent.

China's general public budget revenue dipped 0.4 percent year on year to 8.06 trillion yuan in the January-April period.

In April alone, fiscal revenue collected by the central government rose 1.6 percent, the first growth registered this year, the ministry added.

From January to April, tax revenue from the manufacturing of rail, shipbuilding and aerospace equipment increased by 33.2 percent, while revenue from the manufacturing of computers, communication equipment, and other electronic devices rose by 6.8 percent.

The culture, sports, and entertainment industry saw an 8.6 percent increase in tax revenue, driven by the expansion of China's trade-in policy across various sectors, which has boosted demand in these areas.

In addition, the tax revenue from information transmission, software, and information technology services rose by 12.2 percent in the period.

China's general public budget spending up 4.6 pct in first four months

President of the Republic of Korea (ROK) Lee Jae Myung has expressed his hope that his upcoming visit to China will help eliminate past misunderstandings and issues, underscoring the importance of ties between the two countries.

At the invitation of Chinese President Xi Jinping, Lee will pay a state visit to China from Jan 4 to 7. It will be Lee's first visit to China since he took office.

In an interview with China Media Group (CMG) in Seoul on Wednesday, Lee acknowledged the existing misunderstandings and issues between the two countries, noting that addressing these issues is a key goal of his visit.

"The current international landscape is turbulent, with escalating issues among various countries. In this context, the relationship between the Republic of Korea and China holds significant importance for us. the ROK and China are deeply interconnected in many areas, including history, economy, geopolitics, politics and security. Northeast Asia's peace, stability, mutual respect, and common prosperity are crucial for both countries," said Lee.

"Admittedly, there have been some misunderstandings and issues between the ROK and China, which have hindered the development of bilateral relations to some extent. Therefore, the purpose of my upcoming visit to China is to minimize or eliminate these past issues, foster a leap in our bilateral relations to a new level, and solidify the ROK and China as partners that mutually support each other's development," he said.

ROK President hopes to reduce misunderstandings with China during upcoming visit