China’s fiscal spending grew 7% year-on-year in January and February, rising from a 0.3% rate in 2021 as policymakers increase assistance for the slowing economy, reports Reuters. Fiscal spending totaled RMB 3.8 trillion ($597 billion) in the first two months of 2022, including RMB 180 billion on transport and RMB 79 billion on energy conservation and environmental protection, the ministry said.
Chinese policymakers have pledged to step up their fiscal spending this year to cushion a slowdown in the world’s second-largest economy, despite a lower budget deficit ratio.
China’s fiscal revenues in the first two months of 2022 rose 10.5% from a year earlier to RMB 4.6 trillion, the ministry said in a statement on its website, cooling slightly from a 10.7% rise in 2021.
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