China's fiscal budget well implemented in 2023

China's fiscal budget was well implemented in 2023 thanks to the upward trend in the Chinese economy, a report released by the Ministry of Finance showed on Thursday.

In 2023, China's fiscal revenue rebounded and the country strengthened fiscal support for major national strategic tasks and key areas such as science and technology, rural revitalization, and ecological and environmental protection, said the report.

Newly implemented measures led to tax refunds, tax and fee cuts, and deferrals amounting to 2.2 trillion yuan (309.85 billion U.S. dollars) last year, while subsidies timely channeled to support people in need totaled 156.68 billion yuan.

China will enhance the quality and efficiency of its fiscal policies in 2024, and efforts will be made to support the construction of modernized industrial systems, expansion of domestic demand, improvement of people's livelihoods, integrated development of rural and urban areas, coordinated development among different regions, and prevention and control of local government debt risks.