China will step up fiscal spending this year to support its economy, focusing on further cuts in taxes and fees for small companies, finance ministry officials announced yesterday.
China’s fiscal spending rose 8.7 percent to a record high of 22.1 trillion yuan (US$3.3 trillion) in 2018, while revenue increased 6.2 percent to 18.3 trillion yuan, according to the Ministry of Finance.
Education, social security and employment took the lion’s share of public budget spending, while spending on debt interest payment and science and technology grew the fastest.
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SOURCE: SHINE
tags:
Taxation
