Tax policy to better support economic recovery

The Inner Street Culture Creative Park is bustling with activity during the night market in Qingxiu district, Nanning city, Guangxi Zhuang autonomous region, on April 16, 2024. China's fiscal authorities will intensify efforts in areas like fully supporting sci-tech innovation and expanding domestic demand to further facilitate economic recovery, a senior official from the Ministry of Finance said on Monday at a news conference in Beijing. "Fiscal revenue and expenditure registered in the first quarter showed that fiscal policy has come into play early with accelerated delivery of effects, providing strong support for the continuous improvement of the economy," said Wang Dongwei, vice-minister of finance, adding that for the next step, the ministry will focus on six key fronts to consolidate upward momentum of the economic recovery. "Aligning with national strategic needs, we will increase investment in basic research, applied basic research and cutting-edge research, and promote the accelerated implementation of a number of major national sci-tech projects to support the research of disruptive and cutting-edge technologies and seek breakthroughs in key core technologies," Wang said. To expand domestic demand, Wang said the ministry will make coordinated use of policy tools including treasury bonds, local government special bonds and central government budgeted investments, to effectively promote effective investment.