China will intensify macro regulation and step up efforts to effectively implement a proactive fiscal policy, according to a report from the State Council.
The report on the budget execution so far this year was submitted to the fifth session of the Standing Committee of the 14th National People’s Congress, China’s top legislature, for deliberation on Monday.
Since the beginning of the year, the country’s financial reform and development have been solidly pushed forward, the overall finance operation has been stable, and the budget has been well executed, according to the report.
In the next step, China will focus on expanding domestic demand, boosting confidence, preventing risks, and pushing for the continuous improvement of economic performance, endogenous driving forces, and social expectations, Finance Minister Liu Kun said when delivering the report.
Efforts will be made to strengthen and optimize the real economy, effectively safeguard and improve people’s livelihoods, and prevent and defuse local government debt risks, according to the report.