Ministry of Finance Photo: VCG

China's Minister of Finance Lan Fo'an said that his ministry will strengthen policy support for the financial sector and further strengthen policy implementation efficiency to realize the country's annual economic and social development goals. 

Lan made the remark during an interview with the Xinhua News Agency during the weekend, stating that the ministry has taken actions, including a reduction in businesses' burdens, to stabilize market confidence, expand domestic consumption, attract investment, foster more innovation-driven positive forces to bolster economic growth and secure people's livelihoods.

"The ministry will accelerate issuance of the planned new treasury bonds, enhance supervision of related policy implementation, and help prevent and resolve financial sector risks," said Lan. 

In the first eight months, reductions in taxes and fees levied on businesses surpassed 1.15 trillion yuan ($157.55 billion), significantly lessening the burden on all types of enterprises.

Lan pledged to continue to support small firms and micro businesses, manufacturing enterprises and high-tech sector development, and try to expand domestic consumption and secure foreign trade. 

The central government announced on October 24 plans to issue an additional 1 trillion yuan in treasury notes during the fourth quarter this year, as part of the effort to support post-disaster infrastructure reconstruction and improve the country's overall resilience to natural disasters.

Lan said that the finance ministry will make full use of new treasury bond issuance, endorse a special assessment mechanism to accelerate supervision.

China's gross budget revenues in the first three quarters stood at 16.67 trillion yuan, up 8.9 percent year-on-year, and expenditure reached 19.79 trillion yuan, up 3.9 percent, said Lan.

The steady recovery of the economy has shored up financial revenue, laying a solid foundation to meet the annual budget goal, said the minister.


Global Times