Ministry of Finance Photo: VCG

China has stepped up fiscal support for disaster prevention and mitigation and emergency management, with the general public budget expenditure on the effort increasing by 8.85 percent on average over the past five years, Chinese Finance Minister Lan Fo'an said in a report to the National People's Congress Standing Committee on Sunday, according to Xinhua. 

From 2019 to 2023, general public budget expenditure on disaster prevention and mitigation and emergency management reached more than 3 trillion yuan ($411.16 billion), excluding additional treasury bonds issued in 2023, with an average annual growth rate of 8.85 percent, 5.3 percentage points higher than the growth rate of overall general public budget expenditure during the same period, according to Lan.

In 2024, the central government has allocated about 334.32 billion yuan for disaster prevention and mitigation and emergency management, ensuring funding for key projects, the report said.

Meanwhile, an additional 1 trillion yuan in government bonds was issued in 2023 to support post-disaster reconstruction and strengthen disaster prevention and mitigation efforts. The funds were fully allocated before the 2024 Spring Festival, with all projects underway by June this year. By October, 532.9 billion yuan had been spent, and construction of the projects has been progressing rapidly, according to the report.

The report also noted that the central and local governments continue to increase investment to provide solid financial support for disaster prevention and mitigation and emergency management. Efforts will be made to further improve fiscal systems and policies, optimize capital investment models, manage funds scientifically and accurately, improve efficiency of fund use, and continuously improve the fiscal policy system for disaster prevention and mitigation and emergency management, it said.

With the continued improvement of the disaster prevention and mitigation system, the quality of economic development will also be further improved, offering stronger protection for lives and property, Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine under the China Association for Science and Technology, told the Global Times on Sunday.

"This progress not only reduces the impact of disasters on production activities but also promotes a more stable environment, elevates living standards, and propels the economy toward sustainable, high-quality growth," Bian said.

Future efforts will likely focus on bolstering emergency supply reserves, advancing detection systems, and adopting sophisticated prevention software. These initiatives are designed to improve the efficiency of personnel and resource deployment, thereby significantly enhancing disaster response capabilities, according to Bian.