China's fiscal spending exceeded 11 trillion yuan (around 1.62 trillion U.S. dollars) in the first five months, with notable increases in housing, childcare and healthcare outlays, official data showed.
Data released on Monday by the Ministry of Finance showed that China's general public budget spending reached 11.38 trillion yuan in the January-May period, up 0.8 percent year on year.
Expenditure on social security and employment, as well as housing security, all grew by more than six percent.
Healthcare spending rose 11.3 percent, driven largely by increases in childcare subsidies and government contributions to the basic medical insurance fund. "Since the start of this year, China has further stepped up its fiscal spending on investment in people. Outlays on housing support and childcare subsidies, in particular, have registered notable growth compared with last year, placing them among the fastest-rising expenditure items. The pertinence and effectiveness of government spending have continued to improve, contributing to a steady upgrade in the overall quality of fiscal performance," said Bai Yanfeng, professor of the School of Finance and Taxation of the Central University of Finance and Economics.
China's fiscal spending tops 11 trillion yuan in Jan-May
Iran's Central Bank Governor Abdolnaser Hemmati said on Monday that the first round of high-level talks between the U.S. and Iran in Switzerland had significantly advanced efforts to release frozen Iranian assets, while the U.S. side suggested the funds could be channeled toward American farm exports.
Hemmati told the country's semi-official Tasnim News Agency that "significant progress" had been made on the asset releases, with the relevant documents signed during the negotiations.
Referring to the unfreezing of the central bank's overseas assets as one of the most complex items on the agenda, the central bank chief said the funds will be phased into use in the coming days, in accordance with conditions and procedures established by the bank.
Regarding the export of oil and petroleum products, Hemmati said the two parties have agreed that the Office of Foreign Assets Control under the U.S. Treasury Department will be responsible for sanctions waivers for Iranian oil and petrochemical shipments.
After the U.S. and Iran held high-level talks at Switzerland's Burgenstock resort, U.S. Vice President JD Vance told reporters on Monday that if the U.S. agreed to unfreeze Iranian assets, the funds could be used to purchase American soybeans, corn and wheat.
Iran reports significant progress on asset unfreezing as US eyes agricultural exports
