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Minister assures stable fiscal policy


Minister assures stable fiscal policy
By CHEN JIA |
CHINA DAILY |
Updated: 2021-03-06 07:36
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Minister of Finance Liu Kun addresses reporters queries via video link after the opening meeting of the fourth session of the 13th National People s Congress in Beijing on Friday. [Photo by Kuang Linhua/China Daily]
The people-centered fiscal policy will remain basically stable, without any sharp shifts, Finance Minister Liu Kun said during a news conference on Friday.
Unlike last year, the fiscal deficit-to-GDP ratio and the local government special bond quota targets will decline, but still be higher than the level in 2019, he said. ....

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China reins in deficit budget to 3.2% in 2021--China Economic Net


China lowered its budget deficit ratio to 3.2 percent for 2021 from an estimated 3.7 percent last year, after effectively controlling COVID-19 and the gradual recovery of the economy, according to the government work report released on Friday. No special COVID-19 bonds will be issued. 
 
The cuts in deficit budgets will mostly be made in reduction of non-essential items in government spending, the report said, and financial support for employment, people s living standards and the operations of market entities will be prioritized, the report said.
 
Lian Ping, head of Zhixin Investment Research Institute, told the Global Times that the cut in deficit ratio is due to eased downward pressure on the economy, and the focus will shift to quality development and upgrade in the economic structure. ....

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