A staff member receives a credit repair application filed by an enterprise representative at a tax bureau service center in Taijiang District, Fuzhou, southeast China's Fujian Province, July 21, 2020.Photo: Xinhua

China's Ministry of Finance issued the third round of financing worth 400 billion yuan ($59.57 billion) budget ahead of schedule, just one month after the issue of second batch, in an effort to support local governments to implement tax rebates, and key social spending as the virus hits the world's second-largest economy.

The second budget round was released on April 28.

The money will effectively "make up for the policy-based revenue reduction, ease the contradiction between fiscal revenue and expenditure, and promote the smooth operation of fiscal system in the county and district level," read a statement on the official website of the Ministry of Finance on Friday.

The above funds will be included in the 2023 budget.

China has been cutting taxes and fees on a significant scale over the past several months, as a move to ease pressure on businesses and companies amid the spread of Omicron, which has hit capital city Beijing and financial center Shanghai.

China's State Council, the cabinet, on Wednesday held what has been seen as an unprecedented national video teleconference on stabilizing the economy with reportedly upwards of 100,000 participants, including officials of various levels, stressing the need to better implement measures to safeguard market entities, employment, people's livelihood and keep the economy operating in a reasonable range.

Observers have stated that local governments will introduce intensive policies to support the resumption of work and production, as well as policies to protect employment, and more precise policies to effectively coordinate epidemic prevention and control with economic and social development.

On Friday, authorities in Shanghai vowed to accelerate the launch of stronger measures to push for an economic rebound, and will promote the tax cuts, other fiscal measures to benefit small businesses landing on the ground as soon as possible.

Global Times