Fis­cal: ‘Macroe­co­nomic in­di­ca­tors re­main sta­ble’

China Daily (Latin America Weekly) - - Hol­i­day -

To bet­ter use gov­ern­ment money and make spend­ing more ef­fi­cient in key ar­eas, the coun­try aims to build a com­pre­hen­sive bud­get per­for­mance man­age­ment sys­tem in three to five years to mon­i­tor rev­enues and ex­pen­di­tures of govern­ments at all lev­els, ac­cord­ing to a reg­u­la­tion doc­u­ment re­leased by the Cen­tral Com­mit­tee of the Com­mu­nist Party of China and the State Coun­cil on Tues­day.

The reg­u­la­tion will ap­ply to bud­gets for gen­eral pub­lic fi­nances, gov­ern­ment man­aged funds, State cap­i­tal op­er­a­tions and so­cial in­sur­ance funds. All ma­jor poli­cies as well as in­vest­ment and fi­nanc­ing projects will be eval­u­ated dur­ing the process.

“The Fi­nance Min­istry will co­or­di­nate with other gov­ern­ment de­part­ments to im­ple­ment the reg­u­la­tion,” Liu said.

Ac­cord­ing to data from the min­istry, as of Sept 26, newly is­sued gen­eral lo­cal gov­ern­ment bonds have reached 91.8 per­cent of their an­nual quota, and 85 per­cent of spe­cial-pur­pose lo­cal gov­ern­ment bonds have hit their ceil­ing.

So far this year, the cen­tral gov­ern­ment has spent 409.4 bil­lion yuan on in­fra­struc­ture con­struc­tion, ac­count­ing for 94.2 per­cent of the an­nual bud­get. The projects fo­cus on in­fra­struc­ture fea­tur­ing in­no­va­tion and en­vi­ron­men­tal pro­tec­tion.

Ad­dress­ing the ris­ing trade ten­sions be­tween China and the United States, the min­is­ter said, “We have taken tar­geted coun­ter­mea­sures in com­pli­ance with WTO rules to pro­tect free trade and the mul­ti­lat­eral mech­a­nism.”

For com­pa­nies that have been in­flu­enced by the ten­sions, the min­istry has launched mea­sures, in­clud­ing

bil­lion those to co­or­di­nate and solve prob­lems re­lated to ex­ports, and sup­ports staff re­train­ing and in­ter­nal per­son­nel trans­fers to ease unem­ploy­ment pres­sure.

This year, the US has al­ready im­posed ad­di­tional tar­iffs on $250 bil­lion worth of Chi­nese goods and threat­ened to sharply es­ca­late trade fric­tions.

“What the US has done has harmed the in­ter­ests of Chi­nese com­pa­nies and for­eign com­pa­nies in China. It has also led to dis­tor­tions in the world econ­omy, as well as shaken con­fi­dence in the global eco­nomic out­look,” Liu said.

“China’s macroe­co­nomic in­di­ca­tors, how­ever, re­main sta­ble at the mo­ment, with the GDP growth rate in the range of 6.7-6.9 per­cent for 12 quar­ters run­ning. I be­lieve Chi­nese com­pa­nies and for­eign com­pa­nies in China will achieve bet­ter de­vel­op­ment,” he added.

What the US has done has harmed the in­ter­ests of Chi­nese com­pa­nies and for­eign com­pa­nies in China.” Liu Kun,

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