BEIJING: China’s fiscal expenditure rose 12 percent from the same period a year earlier to 2.12 trillion yuan (US$325 billion) in the January-February period as the country continued to shore up a weak economy.
The growing spend surpassed the 10 percent growth for the same period in 2015, mainly injecting funds into social security and employment, education and on communities in urban and rural areas, the Minister of Finance said yesterday.
Fiscal revenue added 6.3 percent year on year to 2.74 trillion yuan in the first two months in 2016, the ministry said.
China set its budget deficit target to 3 percent of the nation’s gross domestic product this year, up from the 2.3 percent for 2015, according the government work report.
Premier Li Keqiang said in Beijing yesterday that it would be “impossible” for China to miss the 6.5 percent economic growth target even as it pushes ahead with structure reform.
He promised to offer pension payments to local government, and set up funds on job resettlements amid reorganization of the state-owned enterprises.
“There are small ups and downs on economy but we still have the instruments to ensure steady economic performance,” Li said.
