Fiscal support for tech breakthroughs a focus for Beijing this year, minister says

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Fiscal support for tech breakthroughs a focus for Beijing this year, minister says - SCMP

Quick Summary:

China has traditionally maintained a fiscal deficit ceiling of around 3 per cent, but many expect it to rise to 4 per cent this year.

Specific figures on the deficit ratio and scale of bond issuance are expected to be announced during the annual “two sessions” meetings of the National People’s Congress and the Chinese People’s Political Consultative Conference next month.

He also pledged to expand fiscal spending this year, with a higher deficit ratio and increased bond issuance, as well as a more targeted spending with a focus on improving people’s livelihoods and boosting consumption.