Visit: Self-employed also among those to be helped

Li said the groups hit hardest by the pandemic have been micro, small and medium-sized businesses, self-employed individuals, farmers, those on flexible payrolls and workers in the service sector, in addition to those living below the national poverty line, the unemployed and those relying on subsistence allowances and other temporary help.

These people, who could amount to hundreds of millions, will be the main beneficiaries of the newly increased fiscal funds, he said.

The government will establish a special transfer payment mechanism to ensure that the funds will be channeled to city and countylevel authorities so that they can arrange for them to be spent as soon as possible, he said.

Li urged financial departments to help with further clarification of the fiscal support policies and with specifying the scope of fund usage. City and county-level authorities should also come up with a list of struggling businesses and individuals while ensuring that the funds are channeled to where they are needed most, he said.

Li underscored the importance of establishing stringent oversight mechanisms to ensure that the funds are put to good use.

Financial authorities at various levels must establish special accounting books for the use of government bonds. Treasury offices at various levels must enable point-to-point appropriation of funds, he said, adding that auditors must prioritize keeping a close eye on newly added fiscal funds.

The benefits of other measures to alleviate corporate burdens — such as those further reducing social security contributions of businesses and encouraging financial institutions to streamline their costs and fees — must also be channeled directly to businesses, he said.

Government at various levels must fully enforce tax cuts and fee reduction policies and refrain from increasing corporate burdens despite budgetary imbalances, he added.