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China is to improve implementation of direct fiscal fund system

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BEIJING, 22 April, 2021 (TON): According to a State Council executive meeting, China will improve the implementation of the system for the regular transfer of direct fiscal funds to further benefit businesses and the public.

On Wednesday, the meeting chaired by Premier Li Keqiang also passed a draft regulation on the country's land management.

According to the meeting, the system of direct fiscal fund allocation, which has become a regular practice this year, is a major macro-control innovation.

A total of 1.7 trillion yuan (about 261.35 billion U.S. dollars) of fiscal funds were directly channeled to local governments last year to stabilize the economy.

However, some 2.8 trillion yuan will be transferred under the same mechanism in 2021.

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