The Chinese mainland is gearing up for a more proactive fiscal approach this year, as outlined in a recent government work report submitted to the national legislature on Wednesday.
According to the report, the deficit-to-GDP ratio for 2024 is set to rise to around 4%, marking a 1 percentage point increase from last year. This strategic move aims to stimulate economic growth and address emerging challenges.
Additionally, the government deficit has been pegged at 5.66 trillion yuan (approximately $780 billion), which is an increase of 1.6 trillion yuan compared to last year's budget. This substantial boost in fiscal spending is expected to support various sectors and drive long-term development.
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Reference(s):
cgtn.com
