China will moderately expand fiscal spending while improving the efficiency and effectiveness of fiscal funds to boost domestic demand and economic development, the Ministry of Finance officials said.

The country will make good use of its fiscal policy space, coordinate fiscal resources, and improve policy tools to enhance support for the economy, prioritizing high-quality development and pushing forward Chinese modernization, Wang Jianfan, an official of the ministry, said in an interview with Xinhua.

Wang said the country will maintain an appropriate level of fiscal spending by leveraging policy tools such as the additional issuance of treasury bonds, local government bonds and local government special bonds.

He reiterated a statement that was issued after the Central Economic Work Conference, which noted that China will continue to implement proactive fiscal policies in 2024. It also stated that the proactive fiscal policies should be appropriately strengthened and their effectiveness improved.

Jia Ronge, another official with the ministry, said the country will continue to implement tax and fee reduction policies. The goal is to make them more effective and targeted in order to enhance support for technological innovation and manufacturing industries.

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