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March 8, 2021

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Active fiscal policy ensures better support

China’s proactive fiscal policy had been more active and fruitful in 2020 amid efforts to soften the impact of the COVID-19 epidemic, according to a report released by the Ministry of Finance on Saturday.

The country has set up the mechanism to channel funds directly from the central government to prefecture and county governments. It took only 20 days to channel more than 95 percent of the funds, the report said.

Of the 2 trillion yuan (US$308.1 billion) of transferred funds, 1.56 trillion yuan was put to use, giving strong support to key areas, it added.

To help enterprises tide over difficulties, China’s tax and fee cuts exceeded 2.6 trillion yuan last year, according to the report.

Through last year, there were 11.44 million newly registered tax-paying market entities in China, an increase of 10.1 percent year on year, providing strong support for employment.

The ministry will improve the quality, efficiency and sustainability of the proactive fiscal policy, and actively play the role of finance to ensure that the 14th Five-Year Plan has a good start, the report added.


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